Recently listed Waterways Leisure Tourism approves 1:10 stock split

The recently listed Waterways Leisure Tourism, one of India's leading domestic ocean cruise operators, on Friday announced that its Board of Directors has approved a 1:10 stock split.

Under the proposal, one equity share with a face value of ₹10 will be subdivided into 10 equity shares with a face value of Re 1 each, fully paid-up.

The proposal is subject to shareholders' approval, while the record date for determining eligible shareholders will be announced after the necessary approvals are obtained. The company expects to complete the entire process within three months from the date of approval, subject to any required regulatory clearances.

The company said the stock split is aimed at enhancing the liquidity of its shares, improving affordability for retail investors, broadening its shareholder base, and boosting overall market participation.

It added that the stock split is expected to increase trading volumes and expand the shareholder base, while having no impact on the company's overall capital structure or intrinsic value.

A stock split is a corporate action in which a company increases the number of its outstanding shares by dividing existing shares into smaller units. While this increases the total number of shares and proportionately reduces the share price, it does not affect the company's overall market capitalisation.

The stock had a lacklustre market debut on July 1, listing at ₹681, nearly 16% below its issue price of ₹808. It ended its debut session at ₹668 apiece.

Despite the weak listing, the stock gathered momentum in the subsequent sessions, rallying nearly 30% to touch ₹862 apiece. At current levels, the stock is trading about 6.7% above its issue price.

The ₹585 crore Waterways Leisure Tourism IPO was open for subscription between June 23 and June 25 and was subscribed to 1.46 times. The company plans to utilise ₹480 crore from the net proceeds towards the payment of deposits, advance lease rentals, and monthly lease payments to its step-down subsidiary.

The company operates India's leading cruise line under the Cordelia Cruises brand, offering domestic voyages along the Indian coastline as well as select international itineraries. As of December 31, 2024, its flagship vessel, MV Empress, had welcomed more than 5.49 lakh guests and sailed over 2.25 lakh nautical miles.

Cordelia Cruises currently offers 796 cabins across multiple categories, with fares determined through a dynamic pricing model. Cabin rates range from ₹25,230 to ₹1,15,536 per night, depending on the itinerary and cabin category.

During the redevelopment of the Mumbai International Cruise Terminal, the company established and managed a temporary cruise terminal at Green Gate, Mumbai Port.

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Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting fin...