1:2 Stock Split of Metal Stock: 19th October Record Date; Buy Below Rs 25?

Since 1990, Sacheta Metals has been one of India's top producers of stainless steel kitchenware, aluminium, utensils, castings, sheets, circles, nonstick cookware, pressure cookers, slugs, foil, coil, and foil stock, as well as PP sheets and other houseware. It is a public limited company with a manufacturing facility and registered office located in Gujarat, India. It is one of the top producers and exporters of S.S., non-stick, coil circles, foils, sheets, and aluminium utensils, as well as PP closer stock.

Sacheta Metals Stock Split Record Date

"We hereby inform you the company has fixed the Record date Saturday, 19th October, 2024 as a Record Date for the purpose of Subdivision of Equity shares from the face value of Rs. 10/- each to the face value of Rs. 2/- each," said Sacheta Metals in a stock exchange filing.

Sacheta Metals Allotment of Sub-Division of Shares

"For the equity shares held in physical form, the existing share certificate(s) in relation to the said equity shares, shall be deemed to have been automatically cancelled and shall be of no effect and the Board, without requiring the members to surrender their existing share certificate(s), shall credit such sub-divided / split Equity Shares to the Demat Suspense Account of the Company and on providing the details of Demat Account, such sub-divided / split Equity Shares shall be credited proportionately to the concerned Demat Account of the shareholders, in terms of applicable regulations, rules, guidelines and Circulars as may be issued from time to time in this regard; and for the equity shares held in dematerialized form, sub-divided / split equity shares shall be credited proportionately into the respective beneficiary demat account(s) of the Members held with their depository participants, in lieu of the existing credits present in their respective beneficiary demat accounts," Sacheta Metals said in a regulatory filing.

Purpose of Stock Split

"To improve the liquidity of the company's shares in the stock market vis a vis increased number of equity shares and to make equity share more affordable for the small investors to invest in the company's shares, the Board of Directors of the company recommend to sub divide or stock split of the 1 (One) equity share of the Company having face value of Rs.10/- (Rupees Ten only) each be sub-divided into 2 (Two) equity shares of face value of Re.2/- (Rupee Two only) each. After Sub-Division the authorized, issued, subscribed and a paid-up capital of the company will be sub-divided from the face value of Rs. 10/- (Rupees Ten only) to Rs. 2/- (Rupees Two only) for each 1 (one) equity share of the company from the Record Date of the company," the Board of Directors of Sacheta Metals informed stock exchanges.

Sacheta Metals Share Price Target

"Sacheta Metals is bearish on the Daily charts with strong resistance at 25.5. A Daily close below support of 22.5 could lead to a target of 19 in the near term," recommended A R Ramachandran, Independent Research Analyst.

Disclaimer

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