Financial Daily from THE HINDU group of publications
Wednesday, Dec 21, 2005


News
Features
Stocks
Shipping
Archives
Google

Group Sites

Markets - Stocks
Corporate - Announcements


KCP Sugar board okays stock split

Our Bureau

Chennai , Dec. 20

THE board of KCP Sugar and Industries Corporation Ltd has approved a proposal to split the face value of its shares to Re 1 from Rs 10 a share, according to information provided by the company to the stock exchanges.

The company will seek shareholders' approval at an extraordinary general meeting on January 18.

The authorised share capital is Rs 25 crore; the company has 2.5 crore shares which will go up to 25 crore shares.

Company officials told Business Line that the board's decision on Saturday is aimed at increasing the liquidity of the shares. Sugar stocks are going through a buoyant phase, which is expected to continue for some time. Today, KCP's shares were traded at over Rs 500 - not many investors can involve themselves at such levels - the stock split will help more investors participate in the rally, they said.

FII limit to 49%: With the buoyancy in sugar stocks, the company has hiked the limit of investments by FIIs to 49 per cent from 24 per cent of the paid-up capital. Shareholders approval will be sought during the EGM.

The trend in sugar stocks has attracted FII interest and the company is hiking the investment limit to accommodate them.

FIIs now hold about 2 per cent, officials said.

The company's stocks hit a high of Rs 503.20 on the NSE today and closed at Rs 491.20. The previous day's close was Rs 479.55.

More Stories on : Stocks | Announcements

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
Peninsular Capital branches


AMFI, funds join hands to tackle churning of schemes by investors
Index investing lags in India
Anand Rathi Realty Fund raises Rs 150 cr, targets tier-2 cities
MFs allowed to offer open-ended ELSS
Vimta Labs listed at NSE
KCP Sugar board okays stock split
Bears prevail
IDBI active on acquisition hopes
SEBI exempts Thomas Cook from making open offer
IT, metal, auto, FMCG stocks pull down Sensex
Punj Lloyd fixes IPO price at Rs 700; Tulip at Rs 120
Govt not to have separate legislation for financial frauds


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line