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Taj-GVK board okays stock split

Our Bureau

HYDERABAD: The board of directors of Taj-GVK Hotels and Resorts has approved five-for-one stock split.

Post-split, the face value of each share would be Rs 2 and the total number of shares would be 6,27,01,495 as against the present 1,25,40,299.

"The board bas decided to convene an extraordinary general meeting on September 28 to approve the split," Mr G.V. Krishna Reddy, Chairman of the company, said here in a press release. He said the split would help increase the free float in the market by 12.72 million shares.

On the Andhra Pradesh Government move to enhance Floor Space Index ratio for hotel properties in the Banjara Hills area, the board decided to explore opportunities to capitalise on the move.

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