Tiger Logistics Hits 1-Year High On Announcing 10:1 Stock Split; Up 15% YTD

Tiger Logistics (India) shares began trading on the BSE on Tuesday at Rs 788.15 a share, but they quickly gained to reach a new 52-week high of Rs 868, and a gain of 10.13%. the spike in stock value that followed the company's announcement of a stock split.

The Board of Directors of the company at its duly convened meeting held today i.e. Tuesday, 09th January, 2024 said, "The proposal of sub-division/split of company's 1 (one) Equity Share having a face value of Rs. 10/- each into 10 (Ten) Equity shares of the company having face value of Re. 1 each, subject to the approval of shareholders and such other approvals as may be required. In this regard, the record date for such sub-division/ split shall be intimated to the stock exchange in due course," as per a stock exchange filing.

"Consequent to the sub-division of the face value of the equity shares of the Company, the alteration of capital clause of Memorandum of Association of the Company, subject to the approval of shareholders of the Company," said Tiger Logistics (India) in a regulatory filing.

Commenting on the rationale behind the split, the company said the 10:1 stock split has been approved in order to improve the liquidity of the company's share and to make it more affordable for small investors and also to broaden the base of small investors.

"The board took note of succession/transmission of entire shareholding of Late Mr. Gulbir Singh Malhotra, comprising of 2,18,750 Equity Shares of Rs. 10/- each, to Ms. Simar Malhotra and her consequent inclusion in the Promoters & Promoter Group of the Company," said Tiger Logistics (India) in a regulatory filing.

Tiger Logistics (India) Ltd is one of the multibagger stocks of Dalal Street the scrip has gained 112.44% in the last 6 months, the stock has gained 15.02% so far in 2024 on a YTD basis. In the last 1 year, the stock has gained 88.92% while 495.95% in the last 5 years.