IOL Chemicals share price jumps 5% after 1:5 stock split move. Do you own?

Stock Market Today: IOL Chemicals and Pharmaceuticals share price gained more than 5% during the intraday trades on Monday, December 30 after it announced a 1:5 stock split. The announcement by IOL Chemicals was made post-market hours on Friday.

IOL Chemicals and Pharmaceutical share price opened at ₹415.70 on the BSE on Monday, more than 2% higher than its previous close of ₹409.95. IOL Chemicals and Pharmaceutical share price thereafter gained more than 5% to hit intraday high of ₹431.35.

IOL Chemicals and Pharmaceutical share price has risen more than 140% in the last five years, giving multibagger returns to investors.

IOL Chemicals and Pharmaceutical on Friday announced that the Board of Directors of the Company, at its meeting held on 27th December 2024, has approved, the sub-division or split of each equity share of face value of Rs. 10/- (Rupees Ten only) each, fully paid-up into 5 (Five) equity shares of face value of Rs. 2/- (Rupee two only) each, fully paid-up, by alteration of Capital Clause of the Memorandum of Association of the Company.

The proposed sub-division or split is subject to the approval of the Shareholders through the Postal Ballot process. The Record Date for determining eligibility for the sub-division or split is not yet decided and will be communicated in due course, said the company in its filing on the exchange.

Besides this, the delay in filling the vacancy of the Woman Independent Director and composition of the Nomination and Remuneration Committee and also the fines imposed by BSE and NSE vide their letters dated 21st November 2024, were presented to the Board of Directors during their meeting held on 27th December 2024.

The Board, as per the company release after careful analysis and deliberation, acknowledged that the delay in meeting the compliance requirements was inadvertent and unintentional.

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