Canara Bank Board Approves Stock Split
Every one equity share, of face value of Rs 10, will be split into five equity shares of face value of Rs 2 each.
Canara Bank Ltd.'s board approved its first stock split on Monday.
Every equity share with a face value of Rs 10 will be split into five equity shares with a face value of Rs 2 each.
However, this split is subject to approval from the Reserve Bank of India.
The bank expects this stock split to be completed in the next two to three months.
The primary aim of the split is to improve the liquidity of the public sector bank's share, according to the exchange filing. It would, however, also make it more affordable for retail investors going forward.
On Feb. 7, Canara Bank informed the exchanges of the board meeting to seek an in-principle nod from the Board of Directors for the split of equity shares.
Shares of Canara Bank closed 1.24% lower on BSE at Rs 572.80 apiece, compared to a 0.48% fall in the benchmark Sensex. In the last year, the stock has risen 107.14%.
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