Shares of Vaibhav Global surged 19 percent to hit a 52-week high on Friday after the stock turned ex-split. The company has split the stock in the ratio of 1:5, i.e. equity share of face value Rs 10 has been split into five shares of face value Rs 2. The company has fixed May 10, 2021, as the record date for determining the eligibility of shareholders for split/sub-division of equity shares.

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The stock rose as much as 18.9 percent to its 52-week high of Rs 1,037.90 per share on the BSE. The stock has rallied over 400 percent in the last year and 90 percent in the last three months.

The board of directors of the company at its meeting held on March 22, 2021, had approved the sub-division/split to increase the liquidity in the shares and bring down the company’s share price. It allows retail investors to own the shares at a lower price.

"In order to improve the liquidity of the company's equity shares in the stock markets and to make them more affordable for the small retail investors, it is proposed to subdivide/split equity shares of the face value of Rs 10 each into 5 equity shares of the face value of Rs 2 each,” the company said.

Vaibhav Global Limited is a multi-national electronic retailer, wholesaler, and manufacturer of fashion jewelry and lifestyle accessories.

(Edited by : Jomy)