Shares of Sapphire Foods India Ltd surged 7% on 20 June after the Board of Director of the company approved the stock split. 

The Sapphire Foods India board approved on 19 June the split of one fully paid-up equity share with a face value of Rs. 10 into five fully paid-up equity shares with a face value of Rs. 2 each.

The stock split is subject to shareholders approval at the upcoming 15th Annual General Meeting (AGM) of the company.

Furthermore, the board authorised the amendment to the capital clause (clause V) of the business’s memorandum of association (MoA) regarding the subdivision of equity shares, subject to shareholder approval at the AGM.

The date of the company’s 15th Annual General Meeting (AGM) and the record date for the subdivision or split of existing equity shares will be announced in due course.

In its quarterly earnings for January-March, the company reported a 98% year-on-year decline in consolidated net profit to Rs 2.39 crore for the quarter from Rs 135.59 crore reported in the same quarter last year. 

However, the revenue from operations of the company stood at Rs 631.70 crore, marking a 12.7% YoY increase for the same quarter of the previous fiscal year. 

At 12:54 pm, the shares of Sapphire Foods were trading 1.46% higher at Rs 1,582 on NSE.