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Penny stock jumps 4% after it announces 1:2 stock split

Penny stock's Board approved a share split, dividing ₹2 equity shares into ₹1 each, to boost liquidity and widen the shareholder base. Shareholder approval and regulatory clearance are pending.
Penny Stock Soars 4% Following Announcement of 1:2 Stock Split Boosting Investor Sentiment.
Penny Stock Soars 4% Following Announcement of 1:2 Stock Split Boosting Investor Sentiment.

Introduction:

Board of Directors of a penny stock  has approved a proposal to subdivide its existing equity shares, aiming to enhance liquidity and expand the shareholder base. The decision is subject to shareholder and regulatory approval, with further details to follow soon.

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Also Read: Ambani group stock hits 5% lower circuit after its net profit declines by 29% QoQ

Share price movement of Mangalam Global Enterprise:

On January 14, 2025, Mangalam Global Enterprise Ltd opened at ₹26.69, unchanged from its previous close. The stock reached a high of ₹27.74 (3.93%) and a low of ₹26.68. By 11:42 AM, it was trading at ₹27.49, a 3.00% increase, with a market cap of ₹452.97 crore.

Mangalam Global Approves Share Split Plan:

Mangalam Global Enterprise Limited’s Board of Directors met on January 13, 2025, and approved the subdivision of its existing equity shares. The company plans to split one equity share of ₹2 each into two shares of ₹1 each, subject to shareholder and regulatory approval.

Also Read: January Effect: A Myth or a Reality? A Delve into the World of Stock Market

The decision aims to enhance market liquidity and broaden the shareholder base. The company’s authorized share capital will remain ₹104.54 crore, divided into 104.54 crore equity shares, and the paid-up share capital will stand at ₹32.95 crore, divided into 32.95 crore shares post-subdivision.

A Postal Ballot will be conducted to seek approval from shareholders for the share split and the alteration of the Memorandum of Association. Further details, including the Record Date for the subdivision, will be announced in due course.

Check Out: List of All BSE and NSE Stocks

Ace investor holding in Mangalam Global Enterprise:

Sarath Ch.

Sarath Ch. holds a 1.69% stake in Mangalam Global Enterprise Ltd, owning 2,782,501 shares valued at ₹7.7 crore. This represents a significant holding in the company, contributing to its overall shareholder structure.

Stock performance of Mangalam Global Enterprise for Period of 1 week, 6 months and 1 year:

Mangalam Global Enterprise Ltd has seen a decline of 10.6% over the past week and a 3.90% drop over the last six months. However, it has delivered a strong 31.5% return over the past year, showcasing positive long-term growth.

Also Read: PSU stock jumps after company receives order worth ₹561 Cr for fire control system

Shareholding pattern of Mangalam Global Enterprise :

All values in %Sep 2024Jun 2024Mar 2024
Promoter72.00%72.00%75.00%
FII0.00%0.00%0.00%
DII0.00%0.00%0.10%
Public28.00%28.00%25.00%
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About Mangalam Global Enterprise:

Mangalam Global Enterprise Limited (NSE: MGEL) was incorporated in 2010 and later became a public company in 2019. Based in Ahmedabad, it manufactures refined castor oil, castor de-oiled cake, and cotton products, serving both domestic and international markets.

Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.

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