Thursday, June 20, 2024

Tips Industries shareholders approve stock split

Tips Industries Ltd. Chairman & Managing Director Kumar Taurani and Executive Director Girish Taurani at a press meet in Chennai.

Tips Industries Ltd. Chairman & Managing Director Kumar Taurani and Executive Director Girish Taurani at a press meet in Chennai.
| Photo Credit: N. Anand

Shareholders of Tips Industries Ltd., (TIL), a media and entertainment company, have approved a stock split in the proportion of ten shares for every one existing share, said Girish Kumar Taurani, the company’s chief operating officer.

Shareholders, through remote e-voting, approved the stock split, and the alteration of the capital clause of the Memorandum and Articles of Association. As per the proposal, one equity share of ₹10 each will get converted into 10 equity shares of ₹1 each.

“It would take some time for implementation,” he said at a press meet.

Recently, the company’s promoters bought back 1.26 lakh equity shares from investors at ₹2,600 apiece, a premium of over 40%. On Wednesday, the shares were quoted at ₹1,445.60 on the Bombay Stock Exchange.

The total buyback represents 0.97% of total issued shares. Post issue, the promoters hold 74.98% shares and the public hold the rest.

Mr. Taurani also said that there were no immediate plans for any fund-raising, and that TIL would end the fiscal year 2023 with a 33% growth in its topline (at ₹180 crore against ₹135.60 crore posted for the year-ago period).

Asserting that Tips Industries is in the music business for over 34 years, he said that their goal was to occupy the fourth slot in the next three to four years’ and to register 30% year-on-year growth in both topline and bottomline.

“From the seventh position, we have moved to fifth position and we are looking for a three to four year time frame to move up the slot,” he said.

TIL is betting on Hindi, Tamil, Telugu and Punjabi content for growth. Besides producing and promoting movies, TIL will be making a foray into web series for OTT platforms.

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