Asset Management Company Motilal Oswal has bought a stake in steel processing company Hi-Tech Pipes. According to data on the NSE website, the fund house has bought 2.5 per cent stake in the company.
While Motilal Oswal Equity Opportunities Fund Series II has bought 2 lakh shares in the company, Motilal Oswal Business Advantage Fund Series II also bought nearly 1 lakh shares. The transactions were executed at an average price of Rs 937 and Rs 936.99, respectively, via the open market route.
Hi-Tech Pipes through an exchange filing informed that the board is considering the sub-division of equity shares. The board will meet on January 28 wherein it will likely approve the decision to split shares and also approve the unaudited financial results for the December quarter.
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If the proposal regarding the sub-division of shares is approved, then the face value of each share will come down and also the market price of each share in the approved ratio. Also, the total number of outstanding shares will increase in the secondary market.
The current face value of each share of Hi-Tech Pipes is Rs 10.
"Proposal of Sub-Division/ Split of the equity shares of the company, having a face value of Rs. 10 each, in such a manner as the Board may determine...," Hi-Tech Pipes had said in a filing earlier.
Hi-Tech Pipes shares have delivered a massive return of 70 per cent in the past 1 year. The stock finished at Rs 970 apiece on Friday.