KFC, Pizza Hut operator Sapphire Foods announced that its board members has approved the split of existing equity shares of the company from 1 equity share to 5 equity shares.
In a regulatory filing, Sapphire Foods said that the meeting of board of directors on Wednesday approved that the shares of the company from 1 equity share having face value of Rs 10 each fully paid up, will be split into 5 equity shares having face value of Rs 2 each fully paid-up.
It also announced the alteration of Capital Clause (Clause V) of the Memorandum of Association of the Company (MoA) on account of sub-division of equity shares.
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Sapphire Foods said that the date of 15th Annual General Meeting of the company and record date for the purpose of subdivision/split of existing equity shares of the company, will be intimated in due course.
The rationale, per the company, behind the stock split, is to improve liquidity of the equity shares of the company in the capital markets through widening shareholder base and to make it more affordable for retail investors.
The stock split is expected to be completed within three months from the date of approval, subject to completion of the necessary formalities.
Earlier in May, Sapphire Foods posted a profit jump of 411.2 per cent to Rs 135.48 crore in the fourth quarter of FY23 as compared to Rs 26.50 crore in the same quarter last year. It posted revenue from operations at Rs 560.41 crore, up12.8 per cent from Rs 496.83 in the fourth quarter of FY22. Sapphire Foods’ India revenue delivered growth of 23 per cent. The company EBITDA stood at Rs 98.2 crore, down 1.5 per cent on-year.
Sapphire Foods had also announced that Paul Robine resigned as the Director from the Board of the Company, effective immediately and consequently, Norbert Fernandes, who was appointed as Alternate Director also ceased to hold the position. Norbert Fernandes was appointed as Additional Director on the Board of the Company, effective immediately.
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