The board of Directors of Medico Remedies Ltd, a manufacturer & exporter of pharmaceutical Drugs, has approved a Stock Split of equity shares of the Company. In the meeting held on February 2nd, 2023 the board declared that it will split the shares in the ratio of 5:1.
This means that One equity share of the Company having a face value of Rs 10 each will be subdivided into Five equity shares having a face value of Rs 2 each, subject to regulatory/statutory approvals as may be required and the approval of the shareholders of the Company. The record date will be announced in the due course of time.
Medico Remedies Limited is counted as a trusted manufacturer, supplier & exporter of a wide range of pharmaceutical Drugs. The company is engaged in offering high-end pharmaceutical products to clients worldwide.
The shares of Medico Remedies Ltd were trading 4 percent lower on Friday at Rs 300 levels. On BSE, the stock price has increased from Rs 89.55 in August 2022 up to the current levels, logging a multibagger return of 252 percent. An investment of Rs 1 lakh then would be worth Rs 3.52 lakhs today.
The company is yet to announce its Q3 results. In Q2FY23, their total revenue was at Rs 40.46 Crore as compared to Rs 33.14 Crores in the previous quarter. Their profit after tax grew multifold quarter on Quarter to Rs 1.73 Crore from Rs 22 lakhs in the June quarter.
The small-cap company has a market capitalization of Rs 516 Crore. The promoters of the company hold a 73.34 percent stake with zero shares pledged and the remaining 26.66 percent stake is held by the public.
Written by Anoushka Roy
