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Waterways Leisure Tourism sets record date for 1:10 stock split
The split, effective 26 August, will subdivide each ₹ 10 face value share into 10 Re 1 shares and is aimed at improving liquidity.
Waterways Leisure Tourism announced its first 1:10 stock split, with 26 August set as the record date for the corporate action, according to LiveMint Markets. The travel company, which operates the Cordelia Cruises brand, said investors need to buy shares at least one trading session before the record date to be eligible under India’s T+1 settlement cycle.
Because the record date falls on a Wednesday, the outlet said today is the final trading day for investors to purchase the shares and qualify for the split. Under the approved proposal, every existing equity share of face value ₹ 10 will be subdivided into 10 equity shares with face value Re 1 each.
LiveMint Markets added that the company expects the subdivision to boost trading volumes and broaden its shareholder base, while leaving its overall capital structure and intrinsic value unchanged. It noted the stock rose more than 3% on Tuesday to a record high of ₹ 107.50 on the BSE, with an intraday range of ₹ 101.30 to ₹ 107.50.
The outlet also said that despite the recent rally, the share price is still down nearly 90% from its IPO price of ₹ 808. Waterways Leisure Tourism listed on the BSE on 1 July after a muted debut, and it owns the MV Empress, which can accommodate more than 2,000 passengers across multiple domestic destinations.