Multibagger Stock: Saregama Announces Record Date For 1:10 Stock Split

In simple terms, a stock split is a corporate activity in which a firm announces the split of its current share in a ratio in order to raise its total number of shares in the market. When the price of a company's shares rises to a significant value, a stock split is announced to make the stock more liquid and convenient to trade by investors, hence increasing demand for the stock.

As a result, investors who own Saregama India Ltd shares should keep an eye on the announcement that the company has set a record date for a 1:10 stock split on April 27, 2022. At its meeting on April 6, 2022, the company's Board of Directors informed BSE that the record date for the subdivision of 1 (one) Equity share with a face value of Rs 10/- each into 10 (ten) Equity shares with a face value of Rs 1/- each has been fixed on 27th April 2022. The board of directors has also authorised Mr. Pankaj Chaturvedi's appointment as the company's Chief Financial Officer, effective April 11, 2022.

The company has said in an exchange filing that "We write to inform you that the Board of Directors of the Company at its Meeting held today, i.e. 6th April, 2022, has inter alia, approved the following: 1) Wednesday, 27th April, 2022 fixed as the Record Date for determining the eligibility of Shareholders, with regard to the sub-division of 1 (one) Equity share of face value of Rs.10/- fully paid-up to 10 (ten) Equity shares of face value of Re. 1/ each fully paid-up, in terms of Regulation 42(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations') and as approved by the Shareholders through postal ballot by way of electronic means on 31st March, 2022. 2) Appointment of Mr. Pankaj Chaturvedi as the Chief Financial Officer of the Company w.e.f. 11th April, 2022."

The RP Sanjiv Goenka Group's Saregama India Ltd. is India's leading multi-language music and video publisher. The company's shares on the BSE have risen from Rs 1795.05 to Rs 4,947.85 (as of 7 Apr 2022, 12:44 pm IST) in one year, representing a multibagger return of 175.64 percent. However, so far in 2022 (year-to-date or YTD), the stock is down by -8.18 percent. The stock has gained by 24.04 percent in the last six months and by 12.47 percent in the last month. The stock has dropped -1.73 percent in the previous five days, and it opened at Rs 5,045.00 on Thursday, down 1.10 percent so far.