Gujarat Alkalies skyrockets on stock split proposal

Shares of Gujarat Alkalies and Chemicals Ltd. jumped nearly 8 per cent after the company announced that its board will consider stock split later this month.

In a statement, the company mentioned that a Meeting of the Board of Directors of the company will be held on September 27, 2019, to consider, subject to approval of the members of the Company, the proposal for split / sub-division of equity shares of the face value of Rs. 10 each of the Company.

The company stated that the board will consider, subject to approval of the members of the Company, the proposal for amendment to the capital clause of the Memorandum of Association and the Articles of Association of the Company.

The company has informed the bourses that the trading window for sale / purchase / dealing in the equity shares of the company shall remain closed from September 03, 2019 to October 01, 2019 (both days inclusive) for aforesaid purposes.

On Wednesday, shares of Gujarat Alkalies and Chemicals closed with a 7.25 per cent rise at Rs. 421.00 as compared to the previous close of Rs. 392.55. The stock had opened at Rs. 400.00 and hit an intraday high of Rs. 426.00 and low of Rs. 398.20.