1:2 Stock Split: Tuesday, December 10 Record Date; Right Time To BUY IT Stock?

A small-cap IT company, Shradha AI Technologies Ltd. provides a variety of software products, such as cloud-based services and customised software solutions. Following the company's announcement of the record date for a 1:2 stock split, shares of Shradha AI Technologies Ltd. finished Monday's trading session on the BSE at a 5% upper circuit limit at Rs 94.01 per share, with a market capitalisation of Rs 229.21 Cr.

Shradha AI Technologies Stock Split Record Date

"The Board of Directors of the Company has considered, reviewed and approved (fixed), Tuesday, December 10, 2024 as the Record Date for determining the eligibility of Shareholders for sub-division /split of Equity Shares, pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 (as amended). The Board has passed the resolution fixing the Record Date, subsequent to the approval of the Members at the Extra Ordinary General Meeting of the Company held on Tuesday, 19th November, 2024; such that each Equity Share having face value of Rs. 5/- (Rupees Five only) each fully paid-up, be subdivided/split into such number of Equity Shares having face value of Rs. 2/- (Rupees Two only) each fully paid-up," said Shradha AI Technologies in a stock exchange filing.

Shradha AI Technologies Stock Split Update

"The Board of Directors of the Company has considered, reviewed and appointed (approved), Mr. Sunil Raisoni (Managing Director), Mrs. Archana Bhole (Director) and CS Harsha Bandhekar, Company Secretary, to act as the Custodian/Designated Person, on behalf of the Company for the purpose of Sub-division/Split of Equity Shares of the Company, in case of fractional shares, if any, arising out of the Sub-division/Split of Equity Shares of the Company, of the eligible Shareholders (Members) of the Company. The said Custodian/Designated Person, on Sub-division/Split of Equity Shares of the Company, in case of fractional shares, if any, arising out of the Sub-division/Split of Equity Shares of the Company , of the eligible Shareholders (Members) of the Company, shall take steps dispose-off (sell) such whole Equity Shares, at the prevailing market rate through Stock Exchange Official Trading Platform, as soon as possible, and shall distribute the net sale proceeds after adjusting the cost and expenses in respect thereof, among such Members who are entitled to such fractions in the proportion of their respective fractional entitlements," said Shradha AI Technologies in a regulatory filing on 22nd November 2024.

Shradha AI Technologies Share Price Target

"Shradha AI Tech stock price is bearish on the Daily charts with strong resistance at 95. A Daily close below support of 89 could lead to a target of 76 in the near term," commented A R Ramachandran, Independent Research Analyst.

Disclaimer

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