Colgate Palmolive (India) is holding strong in today’s weak stock markets. The stock has seen a decent rise in recent trading sessions. The management announced that Colgate will reduce its stock face value to Re 1 per share.

Colgate Palmolive Board has decided to offer Rs 9 to each shareholder in cash. The company will not split the stock, but will reduce its price to Re 1 each from the current face value of Rs 10.

The trading in equity shares of Colgate Palmolive India Ltd on the stock exchanges shall be suspended from November 29 on account of reduction of equity share capital.

The stock is hovering around its 52-week high. Colgate Palmolive has touched a high of Rs 418.80 in today’s trading session on National Stock Exchange.