Electrical goods manufacturer Havells India has undertaken a sub-division of its equity shares of Rs 5 into Rs one each after getting the mandatory approval from its board.
Havells board has approved "Sub-division of the nominal value of Equity Shares of the Company from face value of Rs. 5/- (Rupees Five only) to face value of Re 1/- (Rupee One only) per share," the company informed BSE.
Havells board has also authorised it for "consequent alteration" of the Memorandum of Association of the company for the sub-division of equity shares.
However, the sub-division would be subject to approval from the shareholders of the Company, Havells said in the notice.
Havells India scrip were trading at Rs 1,175.15 during the afternoon trade, down 0.06 per cent on the BSE.
A USD 1.3 billion company, it manufactures Industrial & Domestic Circuit Protection Switchgear, Cables & Wires, Motors, Fans, Power Capacitors and CFL Lamps.
It also manufactures luminaries for domestic, commercial & industrial applications, modular switches, water heaters and domestic appliances.
Havells owns brands as Crabtree, Sylvania, Concord, Luminance and Standard, and has 91 branches spread over 50 countries across the globe.
It has 14 manufacturing units in India located at Haridwar, Baddi, Noida, Faridabad, Alwar, Neemrana and six in Europe, Latin America and Africa.