Multibagger garment player announces record date for stock split, bonus issue. Details here

The company has fixed March 27, 2024, Wednesday as the record date for the aforementioned corporate action.

The company board has approved the subdivision of equity shares in a 1:10 ratio. It means that each share of the company with a face value of Rs 10 each shall be split into 10 equity shares with a face value of Re 1 each on the given record date.

Similarly, the company had announced a bonus issue 6:11 ratio. It means that an eligible investor will get six bonus shares with a face value of Re 1 each for every 11 shares of the company as in the given record date. This means that bonus issue shall be followed by the stock split.

After gaining to Rs 396 on Friday, shares of Lorenzini Apparels were trading at 380, marginally lower for the day. The stock has surged close to 380 per cent from its 52-week lows at Rs 82.60. However, the stock has sharply corrected more than 22 per cent from its 52-week high, amid the lofty valuations in the broader markets.

Lorenzini Apparels’ company board of directors had approved the corporate action in their meeting held in February, which was further approved by the shareholders of the company through postal ballots on March 14, 2024.

Incorporated in 2007, Lorenzini Apparels manufactures, designs, and markets ready-made garments. The Company offers formal, semi-formal, and casual wear for men and women such as pants, shirts, t-shirts, dresses, and jackets. Lorenzini serves clients majorly in North India.