The company's board has approved the sub-division of one equity share having a face value of Rs 10 each into ten equity shares of Re 1 each, subject to regulatory/statutory approvals as may be required and approval of shareholders of the company.

The company said that the rationale behind the split is to enhance the liquidity in the capital market, to widen shareholder base and to make the shares more affordable to small investors.

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

Separately, the company's board has also approved the proposal to invest and takeover a Portugal-based firm, MAPRIL - Produtos Químicos e Maquinas Para a Industria, Lda.

MAPRIL - Produtos Químicos e Maquinas Para a Industria, Lda was incorporated on 8 June 1979, in Portugal. It engaged in the business of water treatment, chemicals and equipments. It had reported a turnover of 10.62 million euros in financial year ended 31 December 2022.

Ion Exchange will invest approximately Rs 24 crore and acquire 11,11,500 equity shares equivalent to 100% of the issued and paid-up equity capital of the said entity as per the share purchase agreement to be executed.

This synergy will give the company a strong footing in European market, said the firm.

The aggregate cost of acquisition is 26,62,252 Euros, subject to closing adjustments.

The acquisition is expected to be completed on or before 30 June 2023, subject to completion of closing condition.

Ion Exchange (India), the flagship company of the ION Exchange Group, operates in three key segments - engineering, chemical, and consumer products and has six factories in five states. The engineering segment plans and executes orders for installation of large and medium-sized water and effluent treatment plants. The chemicals division manufactures ion-exchange resins and industrial chemicals and sells them in India, the US, the Middle East, Europe, and South-East Asia. The consumer products segment offers a range of water-care products for homes, institutions and community under the Zero-B brand.

The company's consolidated net profit surged 69.1% to Rs 48.05 crore on 32% jump in net sales to Rs 512.12 crore in Q3 FY23 over Q3 FY22.