Elitecon Puts the Split on Ice: Board Delays Stock Division Decision

Elitecon International Ltd. announces today that the Board of Directors has decided to defer consideration of the proposed sub-division (stock split) of its equity shares. The matter was to be placed before the board meeting on April 30, 2025, following the previous notice to shareholders of the proposed step of splitting the equity shares of the company, currently each of face value of Rs. 10.

 

As per the official communication of the company, the Board could not decide on the proposal of sub-division and agreed unanimously to revisit the agenda after some time. Delay also extends to allied fund-raising alternatives such as issue of equity shares, preference shares, convertible instruments, or warrants in other authorized modes such as issue of rights, preferential issue of shares, or private placements.

 

This is being executed as part of Elitecon International's ongoing activities to streamline its capital structure and seek new growth opportunities, domestic and foreign. The company recently set up a wholly owned Singaporean subsidiary, a sign that it wants to expand its foreign presence.

 

Shareholders and members of the market are requested to wait for future announcements, with the Board being in a position to make another announcement of the consideration date of the equity share sub-division and related issues in due course.

 

Source: The Economic Times