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IRB Infra declines 4% due to profit booking, and the board proposes a 1:10 stock split.

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IRB Infrastructure Developers Ltd. fell 4 percent in early trade after the board of directors proposed a 1:10 stock split.

The board also recommended a final dividend of Rs. 2 per share.

The stock was trading at Rs. 205.60, down Rs. 9.10, or 4.25 percent, on the BSE at 09:37 hours IST. It hit an intraday low of Rs. 204.75 and an intraday high of Rs. 213.90.

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The stock has fallen after two days of gains.

On Wednesday, the stock gained 4.73 percent to close at Rs. 214.70 after the company said its board would consider a stock split and final dividend on Friday.

IRB Infrastructure Developers is engaged in the business of highways, bridges and tunnels.

In intraday dealings on Thursday, shares of IRB Infrastructure Developers fell 4% to Rs 306 on the BSE after the business announced that its board had approved a stock split in the ratio of 1:10, or one stock with a face value of Rs 10 into ten shares with a face value of Re 1 each equity share. In due course, the record date for the stock split will be announced, the company stated in an exchange filing.

IRB Infra explained the rationale for the split as being to “improve the liquidity in the capital market, to widen shareholder base and to make the shares more affordable to small investors.” Subject to required clearances, the company said it would conclude its corporate action on or before February 28, 2023.

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