Small Cap Stock Announces 2:1 Stock Split. Details here

The board of directors of small-cap company Dev IT has recommended the stock split, which is subject to shareholder and member approval at the next annual general meeting (AGM). The company’s board of directors has recommended the stock split in a 2:1 ratio. If approved by the AGM, the par value of Dev IT shares would change from the existing one 10 per capital share at 5 per share.

Dev IT advised of the stock split recommendation in its exchange communication quoting: “With reference to the captioned subject, we wish to inform you that the board of directors of Dev Information Technology Limited (the “Company”) during its meeting held on Tuesday, June 07, 2022 at 4:00 p.m. at the registered office of the company, among others, discussed and approved the subdivision / demerger of the existing capital share of the Company from 1 (one) share of share capital having a nominal value of Rs. /bylaws as may be required and the approval of the shareholders of the Company The notice and date, time and place of the General Meeting for the approval of the shareholders for such resolution shall be decided by the Board during the meeting on following and will be communicated to the exchanges in due course.”

The record date of the equity split will be decided by the board and will be communicated to the exchanges in due course.

Dev IT recently announced strong results for the fiscal year ended March 31, 2022, with revenue growing 18% year-over-year since 84.85 crore in FY21 at 100.05 crore in FY22. Profit After Tax (PAT) saw massive improvement and turned positive at 1.87 crore in FY22. For the quarter ended March 31, 2022, revenue jumped 30.24% year-on-year, from 24.63 crores in Q4FY21 at 32.08 crore in Q4FY22. PAT zoomed to 0.74 cores at T4FY22. The company is continuously looking for more product-based sales revenue, which will help improve margins.

Dev IT has recently made headlines as the company has signed a Memorandum of Understanding with the Department of Science and Technology, Government of Gujarat. The MoU is an indication of investment intentions worth 100 crore over the next 5 years through Dev IT investing in IT infrastructure, physical infrastructure, training, reskilling and upskilling of cloud, data and technology workforce automation, the hiring of new workers in the years to come, etc. Computer business futuristic growth.

The small-cap company was upgraded to the Public Sector Partner Program (PSP) by Amazon Web Services (AWS). With this upgrade, DEVIT will gain added value for its government and public sector customers as well as creating a specialized solution on the AWS platform. This will strengthen Dev IT service delivery.

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Sallie R. Loera