NEW DELHI, July 18: Muthoot Finance on Saturday said its board has put in abeyance the proposal for a stock split in view of the current economic situation caused by the corornavirus pandemic.
“The board discussed in depth the pros and cons of the stock split proposal. Though, the share price movement over the last few months and financial indicators were found to be ideal for a stock split proposal at the current scenario, the board unanimously decided to defer the proposal to sub-divide the equity shares to the company to a future date,” the company said in a filing.
The decision to defer the proposal was taken considering the economic uncertainties that are currently prevailing due to COVID 19 outbreak and related slowdowns being witnessed in the economy, it said.
Future update on this matter will be intimated in due course, Muthoot Finance added.
The non-banking finance company on July 3 had informed about its proposal for a stock split. (PTI)
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