First Ever 1:10 Stock Split: 10th October Record Date For Sub-Division of Shares; Target Price Rs 49

Listed in the BSE, New Light Apparels Ltd is a manufacturer of customised apparel and uniforms with ISO 9007:2015 certification. Deliveries of premium sportswear, business apparel, and school uniforms to customers throughout the globe are made by the company. The firm announced a record date for its first-ever stock split proposal, with a 1:10 ratio and on Friday the shares of New Light Apparels closed at a 2% upper circuit limit of Rs 66.50 a share.

New Light Apparels Stock Split Record Date

"Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that the Company has fixed Thursday, 10th October, 2024 as the Record Date, for the purpose of ascertaining the eligibility of the shareholders entitled for the following matter, in accordance with the approval of shareholders obtained on Monday, 23rd September, 2024 at the 29" Annual General Meeting of the company: 1. Sub-division of 1 (one) Equity share of face value of Rs. 10/- each fully paid-up to 10 (ten) Equity shares of face value of Rs. 1/- each fully paid-up," said the company in a stock exchange filing.

New Light Apparels said the purpose of a 1:10 stock split is to enhance the liquidity in the capital market, widen the shareholder base and make the shares more affordable to small investors.

New Light Apparels Stock Split Update

"Upon the split/sub-division of the Equity Shares as aforesaid, the existing Share Certificate(s) in relation to the existing Equity Shares of the Face Value of Rs. 10/- each held in physical form, if any, shall be deemed to have been automatically cancelled with effect from the Record Date and the Board be and is hereby authorized to recall the same from the shareholders, if necessary, and to issue new shares certificates in lieu thereof, with regard to subdivided Equity Shares in accordance with the provisions of the Companies (Share Capital and Debentures) Rules, 2014 (as amended), Articles of Association and other applicable regulations and in the case of the Equity Shares held in the dematerialized form, the sub-divided Equity Shares of the face value of Re. 1/- (Rupee One only) each, fully paid up, shall be credited to the respective beneficiary accounts of the members with their Depository Participants and the Company shall take such corporate actions as may be necessary in relation to the existing Equity Shares," said New Light Apparels in a regulatory filing.

New Light Apparels Share Price Target

"New Light Apparels stock price is overbought yet bullish on the Daily charts with the next resistance at 68. Investors should be booking profits at current levels as a Daily close below support of 61 could lead to a target of 49 in the near term," said A R Ramachandran, Independent Research Analyst.

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