OP Jindal Group Stock: 2:1 Stock Split - Record Date On 9th October For Sub-Division of Shares; BUY/SELL?

As part of the O. P. Jindal group, Jindal Saw entered the pipe business in 1984 and has since grown to become a global leader. The firm produces carbon, alloy, and seamless pipes and tubes for industrial uses; SAW (Submerged Arc Welded Pipes) and spiral pipes for the energy transportation industry; and Ductile Iron (DI) pipes and fittings for the transportation of water and wastewater. The firm has production sites in India, the United States, Europe, and the United Arab Emirates (MENA). It is a prominent global manufacturer and supplier of iron and steel pipe products, fittings, and accessories. Leading oil and gas companies in the world, engineering firms, and government agencies involved in irrigation and water resources, as well as those involved in construction, transportation, power generation, and the provision of water for drinking and irrigation, are just a few of Jindal Saw's clientele.

Jindal Saw Stock Split Record Date

"Pursuant to Reg. 42 of the Listing Regulations and relevant provisions of the Companies Act, 2013 and Rules made thereunder, the Company has fixed Wednesday, 9th October, 2024 as the 'Record Date' for the purpose of determining the eligibility of Shareholders for the purpose of sub-division /split of face value of equity shares of the Company from Rs. 2/- each fully paid-up to Re. 1/- each fully paid up," said Jindal Saw in a stock exchange filing.

Allotment of Sub-Division of Shares

"Upon sub-division of equity shares as aforesaid, the existing share certificate(s) in relation to the existing equity shares of face value of Rs. 2/- (Rupees Two only) each, fully paid up, held in physical form, shall be deemed to have been automatically cancelled and shall be of no effect on and from Record Date and no letter of allotment shall be issued to the allottees of the sub-divided equity shares having face value of Re. 1/- (Rupee One only) each, fully paid up, and the Company/RTA shall, issue and dispatch the letter of confirmation(s) in lieu of old/existing share certificate(s) on the request of shareholders and, in case of the equity shares held in the dematerialized form, the number of sub-divided equity shares of the face value of Re. 1/- (Rupees one only) each, fully paid up, shall be credited to the respective beneficiary accounts of the shareholders maintained with their respective depository participants, in lieu of the existing credits representing the equity shares of the Company of face value of Rs. 2/- (Rupees Two only) each on the Record Date," Jindal Saw said in a regulatory filing.

Jindal Saw Share Price Target

"Jindal Saw is bearish on the Daily charts with strong resistance at 760. A Daily close below support of 701 could lead to a target of 659 in the near term," predicted A R Ramachandran, Independent Research Analyst.

Disclaimer

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