Issuance of free shares in a ratio of 1:1 announced by this company. Details here

Maharashtra Seamless on Monday informed that its board of directors at its meeting recommended the issuance of free shares of the company in a ratio of 1:1, subject to shareholder approval. Shares of Maharashtra Seamless were trading down almost 2% at 860 apiece on BSE in Tuesday’s opening bids.

“The Board of Directors has recommended the issuance of free shares in the ratio of 1 (one) free equity share to 1 (one) existing equity share, subject to the approval of the shareholders of the company. record date will be announced in due course,” the company said in an exchange filing. Free shares are additional fully paid shares issued by a company to its existing shareholders.

However, the company added that the matter of subdividing or splitting the company’s shares had not been approved by the board.

Meanwhile, the Board of Directors has approved the appointment of Sarat Kumar Mohanty as Chief Financial Officer (CFO) of the company effective October 17, 2022.

It also approved the reclassification and increase in authorized capital and made the necessary amendments to the company’s memorandum of association, subject to shareholder approval.

For the second quarter ending September 2022 of the current fiscal year, the company’s net profit increased by 94% to reach 176.5 crore against 91 crore in the prior quarter ended September 2021. Meanwhile, its revenue in the second quarter of FY23 increased by 48% to 1,414 crores of 951 crore in the quarter a year ago.

Maharashtra Seamless Ltd (MSL) is engaged in the manufacture of seamless and ERW steel pipes and tubes, incorporated in the year 1988. MSL is a flagship company of DP Jindal Group and is headed by Executive Chairman DP Jindal and General Manager Saket Jindal. Maharashtra Seamless has diversified its business portfolio into renewable energy generation and the acquisition of a stake in an iron ore mine in Amapa, Brazil.

Shares of Maharashtra Seamless are up over 74% year-on-year, while steel pipe makers’ stock is up over 72% in 2022 (YTD or YTD). the beginning of the year).

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Sallie R. Loera