The board of Jindal Saw Ltd. on Friday (August 23) announced a 2:1 stock split, meaning each existing equity share having a face value of ₹2 will split into shares with a face value of ₹1.

Record dare for the stock split is yet to be determined.

“The proposal for alteration in the equity share capital of the Company by sub-division/split of existing equity shares having face value of ₹2/- each, fully paid up into face value of ₹1/- each, fully paid up,” the company said in an exchange filing.

This is the second stock split for the company after a gap of nearly 15 years. Last time, Jindal Saw had approved a stock split in December 2009.

Generally, a stock split is considered by a company to increase its outstanding shares, and also improve trading liquidity by making the stock more affordable to its shareholders.

As of the June quarter shareholding pattern, the promoters held a 63.28% stake in the company.

Shares of Jindal Saw Ltd. are current trading 1.55% higher at ₹698.65. The stock has rallied 65% so far in 2024 and is up 128% over the last 12 months.