Waterways Leisure Tourism has approved a 1:10 stock split, aiming to enhance liquidity and make its shares more accessible to retail investors.
The board of directors for the domestic ocean cruise operator announced the proposal on Friday, subject to final shareholder approval.
The move comes shortly after the company's initial public offering, which saw shares debut below their issue price on the Bombay Stock Exchange and National Stock Exchange on July 1.
Despite the discount listing, the stock has since rallied significantly, prompting the decision to reduce the nominal value of each share to broaden the investor base.
The split will divide each existing equity share into ten, lowering the per-share price without altering the company's market capitalization.
This is a common strategy for newly listed firms seeking to improve trading volume and attract smaller investors who may be priced out by higher nominal share values.