Accordingly, the face value of each share of the company will change to Rs 5, which is half of its present face value of Rs 10.
The company expects to complete the stock split proposal within a period of 3 months from the date of shareholder’s approval.
The board of Knowledge Marine has also approved a proposal for raising of funds by the company by way of issue of equity shares through a qualified institutional placement (QIP) for an aggregate amount of up to Rs 500 crore.
Knowledge Marine & Engineering Works is engaged in providing dredging services, owning and operating marine craft, and repairing, maintaining, and refitting marine crafts and marine infrastructure. Its head office is in Mumbai, and operations are spread across major ports in the country through branch offices in Kolkata, Vishakapatnam, Kandla, Vadinar and Sittwe, Myanmar.
The company’s consolidated net profit fell 3% to Rs 23.47 crore on 10.5% decline in net sales to Rs 95.62 crore in H1 FY25 over H1 FY24.