By Malvika Gurung
Investing.com — The diamond manufacturer and designer company Deep Diamond India (BO:) has made a series of announcements after its board meeting held last week.
In a regulatory filing to the Bombay Stock Exchange, the micro-cap company has informed that its Board of Directors has recommended the proposal for a stock split or sub-division of the company’s equity shares for encouraging larger participation of small retail investors and increasing the liquidity of its shares in the stock market.
According to the filing, it has been proposed to split one equity share of face value Rs 10 apiece to 10 equity shares of face value Re 1 each, subject to the approval of shareholders, along with other approvals required.
The company has informed that the record date for the subdivision of shares will be intimated upon approval from shareholders through the postal ballot process.
The company has stated that its performance is progressive and investor faith has led to a significant rise in the market price of its equity shares. Its Board believes that the proposed stock split is in the best interest of the company as well as the shareholders.
Deep Diamond India is a multibagger stock, which has generated a whopping return of nearly 989% in the past year. On a year-to-date basis, the micro-cap scrip has skyrocketed over 804% despite volatility persisting in the domestic market.
