ICICI Bank announces a stock split for the first time
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ICICI Bank, the country's largest private sector lender, has announced the sub division of its share for the first time in history. The bank board has approved the splitting of one equity share into five.
"The Board of Directors of ICICI Bank has considered and approved the sub-division (split) of one equity share of the Bank having a face value of Rs 10 into five equity shares of face value of Rs 2 each., " the bank said in a statement.
The lender added that each American Depository Share (ADS) of ICICI Bank will continue to represent two underlying equity shares as at present. And the number of ADSs held by an American Depository Receipt holder would consequently increase in proportion to the increase in number of equity shares.
Typically, banks sub-divide the share in order to improve the liquidity of the stock on the exchanges.
The lender would be seeking shareholder's approval for thisstock split and will record the date for sub-division of shares post that. The lender's stock on the Bombay Stock Exchange closed at Rs 1547.70, down 1.31 per cent.
Earlier this year, private sector lender, J&K Bank had also announced the sub-division of its share in the ratio of 1:10. (Business Standard)
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