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The board of directors of Titagarh Wagons Ltd (TWL) has approved splitting of face value of shares from ₹10 into five shares of ₹2 each (5:1 stock split).
The stock hit a new 52-week high before being down marginally today.
In a communication to the stock exchanges, TWL said that its board of directors had on March 4 approved the sub-division of equity shares of ₹10 each into 5 equity shares of face value of ₹2 each.
The board also gave its nod for fund raising by issuing of equity or equity related instruments up to a maximum of ₹250 crore subject to requisite approvals.
The stock hit a new yearly high of ₹746.50 on the BSE before easing to ₹738.25, a gain of ₹32.25. The stock has witnessed a significant rise over the year after touching a low of ₹97.25 on the BSE on March 6 last year.
The company, which produces railway wagons and coaches, posted a total income of ₹103.08 crore in the quarter ended December 31, 2014. The net profit was ₹9.17 crore and EP was ₹4.57 for the quarter.
According to the company Web site, it is mainly engaged in the production of railway wagons and EMUs (coaches) Bailey bridges, heavy earth moving and mining equipment etc. It also produces some products for the defence sector like special wagons and shelters.
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