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Maharashtra Seamless to mull bonus issue, stock split; shares hit record high

Shares of Maharashtra Seamless Ltd rallied more than 6% to hit a record high of ₹910 apiece on the BSE in Thursday’s trading session after the company informed that its board will meet next week to consider the bonus issue of equity shares as well as sub division of shares or stock split.

“We have to inform that the Board of Directors at its meeting scheduled to be held on Monday, 17th October, 2022 will also discuss and consider inter-alia, a) issue of bonus shares, and b) sub division/stock split of the company’s existing equity shares of ₹5/- each,” the company announced in an exchange filing on the BSE on Wednesday.

Further, in continuation to its letter dated 28th September, 2022 regarding intimation of closure of trading window, the company further confirmed that trading window for trading in securities of the Company will remain closed till 19th October, 2022.

A stock split increases the number of shares that are outstanding by issuing more shares to the current shareholders. Stock split decreases the market price of the individual shares, however, does not result in changing the market capitalization of the company. Meanwhile, bonus shares are fully paid additional shares issued by a company to its existing shareholders.

Maharashtra Seamless Ltd (MSL) is engaged in manufacturing of Seamless and ERW steel pipes & tubes, incorporated during year 1988. MSL is a flagship company of D P Jindal Group and is led by Executive Chairman D.P Jindal & Managing Director Saket Jindal. Maharashtra Seamless has diversified its business portfolio in Renewable Power generation and acquisition of a stake in an iron ore mine in Amapa, Brazil.

Maharashtra Seamless shares have surged more than 90% in a year’s period whereas the steel pipemaker stock is up over 67% in 2022 (year-to-date or YTD) so far.

The company earlier this week said that it has made a voluntary prepayment of long term loan outstanding of approximately ₹315 crore to HDFC Bank on 10 October 2022 from internal accruals of the company and informed that this long-term loan was availed from HDFC Bank in 2019 for part fund the acquisition of United Seamless Tubulaar. The aforesaid loan was repayable over a period of 10 years.

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