Maan Aluminum stated that the rationale behind the split is to enhance the liquidity of equity shares and widen the shareholders base by making the equity shares more economical to the investors.

The firm added that the sub-division is expected to be completed within two months from the date of board's approval.

The company's board has also approved issuing one bonus equity share for every one existing equity shares held on record date.

The firm said it would credit/dispatch bonus shares within two months from the date of the board meeting.

Maan Aluminium trades in aluminium ingot/billets/rods and manufactures aluminium alloy extruded products including rods and bars. The company's plant is located in Pithampur, Madhya Pradesh with an installed capacity of 12,000 MTPA.

The company's net profit increased by 76.99% to Rs 14.46 crore on a 103.78% jump in sales to Rs 262.87 crore in Q4 FY23 over Q4 FY22.

The scrip hit all time high of Rs 327 on the BSE.

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