This Small Cap Multibagger Iron & Steel Products Co. Announces Record Date For Split

Steel Exchange India in its BSE filing dated June 25, 2022 intimated about the record date for sub-division or split of equity shares. Subdivision or stock split is the corporate action employing which listed entities extract more number of shares from the company’s outstanding shares.
Let us know in detail about Steel Exchange’s stock split details As an outcome of the board meeting held on May 16, 2022, the company in an exchange filing said, “The Board approved the proposal for Sub division/ Split of Equity Shares of the Company from face value of Rs.10/- each into Equity Shares of face value of Re.l/- each, subject to the approval of the members of the Company in General Meeting”. So, the split is in the ratio of 10:1 i.e. stockholder will have 10 shares for every share held earlier.   Record date for the stock split To be eligible to receive more number of shares as a result of the stock split, investors need to own the scrip in their demat as on record date. Likewise, the company on June 25, 2022 informed about the record date for the stock split i.e. July 13, 2022. “the Company has fixed Wednesday, July 13, 2022, as the Record Date for the purpose of determining Record Date for sub-division/split of each equity share having face value of Rs. 10/- (Rupees Ten Only) each, fully paid-up into Ten (10) equity shares having face value of Rs. 1/- (Rupees One Only) each fully paid up”, said the company release. Steel Exchange India- A multibagger small cap stock The company over a 1-year period has yielded multibagger return of 143%. The stock in trade today is locked in 5% upper circuit at Rs. 139.4 post the announcement of split’s record date. So far though in the Cy, the company has given negative return of over 20%. Company profile Steel Exchange India Ltd was incorporated in February 1999 as Pyxis Technology Solutions Ltd. The company run by a team of technocrats, friends and relatives was then towards the year end was incorporated as 100 percent subsidiary of Pyxis Technologies. Later as the demand for steel grew from 2000, the company promoters forayed into steel manufacturing by acquiring Simhadri Steels, a company having rolling mill at Vizag, and setting up an ingot manufacturing unit at Kothapeta in 2004. As per the company website, the company currently has the 0.5 million ton capacity of producing mts per annum of steel products.
As an outcome of the board meeting held on May 16, 2022, the company in an exchange filing said, “The Board approved the proposal for Sub division/ Split of Equity Shares of the Company from face value of Rs.10/- each into Equity Shares of face value of Re.l/- each, subject to the approval of the members of the Company in General Meeting”. So, the split is in the ratio of 10:1 i.e. stockholder will have 10 shares for every share held earlier.
To be eligible to receive more number of shares as a result of the stock split, investors need to own the scrip in their demat as on record date. Likewise, the company on June 25, 2022 informed about the record date for the stock split i.e. July 13, 2022. “the Company has fixed Wednesday, July 13, 2022, as the Record Date for the purpose of determining Record Date for sub-division/split of each equity share having face value of Rs. 10/- (Rupees Ten Only) each, fully paid-up into Ten (10) equity shares having face value of Rs. 1/- (Rupees One Only) each fully paid up”, said the company release.
The company over a 1-year period has yielded multibagger return of 143%. The stock in trade today is locked in 5% upper circuit at Rs. 139.4 post the announcement of split’s record date. So far though in the Cy, the company has given negative return of over 20%.
Steel Exchange India Ltd was incorporated in February 1999 as Pyxis Technology Solutions Ltd. The company run by a team of technocrats, friends and relatives was then towards the year end was incorporated as 100 percent subsidiary of Pyxis Technologies. Later as the demand for steel grew from 2000, the company promoters forayed into steel manufacturing by acquiring Simhadri Steels, a company having rolling mill at Vizag, and setting up an ingot manufacturing unit at Kothapeta in 2004. As per the company website, the company currently has the 0.5 million ton capacity of producing mts per annum of steel products.