Steel major Tata Steel is planning to sub-divide its equity shares. According to media reports, the meeting of the board of Tata Steel Limited will be held on May 3, in which the proposal for sharing of shares will be considered.
The board will also announce the results for the fourth quarter of FY22 on May 3. Apart from this, the company can also declare dividend when the result is declared.
The face value of each Tata Steel share is Rs 10. The Indian steel maker did not specify the share split ratio. The share split of Tata Steel will be subject to regulatory and statutory approvals.
Shares of Tata Steel jumped over 2.50 per cent on the NSE and BSE in opening session on Monday, from Rs 1,319.50 per share (NSE) and Rs 1,319.25 (BSE) per share on Wednesday.
Mumbai-headquartered Tata Steel Group is one of the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum.