Coastal Corporation Ltd., the ₹350 crore market capitalisation company announced a stock split on Monday, December 23.
The company in an exchange filing said that the company will split one share of a face value of ₹10 into five shares of ₹5 each.
This is the first instance of the company announcing a split of its equity share.
Record date for the stock split will be announced in due course of time.
A stock split is generally aimed at making shares more affordable and increasing liquidity in the market.
Coastal Corporation is one of the leading producers and exporters of high quality aquaculture seafood products across the globe, according to its website.
As of the September quarter shareholding pattern, promoters of the company had a close to 42% stake in Coastal Corporation.
Among the public shareholders, while domestic mutual funds do not have any stake in the company, foreign institutions have a 1.4% stake.
Coastal Corporation shares are off the day’s high, currently trading 1.7% higher at ₹261.41. The stock has been an underperformer this year, down 7% so far.
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