My 2 cents here: :-
FV is more of a theoretical thing, for eg if and when the company would want to split shares it would not be able to split more than 1:2 if FV is 2/-
However for all practical purposes which one will use to make an investment decision like valuation ratios, div yld etc FV won't matter. Below is a very crude example of how ratios like P/E, Div yield will remain same irrespective of FV.
Share capital 1,00,00,000 1,00,00,000
Shares O/S 10,00,000 50,00,000
FV 10 2
Revenues 10,00,00,000 10,00,00,000
PAT margin 10% 10%
NP 1,00,00,000 1,00,00,000
EPS 10 2
Market Cap 20,00,00,000 20,00,00,000
Mkr px of share 200 40
P/E ratio 20 20
Dividend 10,00,000 10,00,000
DPS 1 0.2
Div Yld 0.50% 0.50%
Feedback welcome