Stock Split: 2:1 Sub-Division of Shares, 15th November Record Date; Buy?

Founded in 1907, Jost's Engineering Company Ltd. is headquartered in Mumbai. Material handling equipment (MHD) producer Jost's Engineering Company Limited offers a wide range of engineering product (EPD) solutions that are used in several sectors. Jost's Engineering Company's shares closed 2.14% higher at Rs 1149.10 a share on Friday following the company's announcement of the record date for a 2:1 stock split.

Josts Engineering Company Stock Split Record Date

"Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Company has fixed Friday, 15th November, 2024 as the "Record Date" for determining entitlement of Equity Shareholders for the purpose of sub-division/ split of existing Equity Shares of the Company, such that 1 (one) equity share having face value of Rs. 2/-(Rupees two only) each, fully paid-up, will be subdivided into 2 (Two) equity shares having face value of Rs. 1/-(Rupee one only) each, fully paid-up, ranking pari-passu in all respects which was approved by the Equity Shareholders through Annual General Meeting on 16th September 2024," said Josts Engineering Company in a stock exchange filing.

Josts Engineering Company Stock Split Update

"After effect of the sub-division any of the underlying equity convertible securities, which is pending (due in future for conversion) shall be converted in the ratio of subdivision, the convertible security Holder (Warrant Holder) will get 2 equity shares of Rs 1/- face value pursuant to conversion of 1 Warrant of Rs 2/- face value, the company will issue and allot subdivided equity share of face value of Rs 1 each upon conversion application of warrants to the warrant holder in the ratio of 2:1, i.e. 2 Equity shares of Rs 1/- face value against 1 warrant of Rs. 2/- each face value," the company informed stock exchanges.

Josts Engineering Company Share Price Target

"Josts Engineering stock price is sideways to bearish on the Daily charts with strong resistance at 1188. A Daily close below support of 1092 could lead to a target of 990 in the near term," A R Ramachandran, Independent Research Analyst recommended.

Disclaimer

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