SBI approves sub-division of equity shares

Written By Unknown on Rabu, 24 September 2014 | 18.01

State Bank of India at its meeting held on September 24, 2014 has considered and accorded its approval to reduce the face value of equity shares of the Bank from Rs 10 per share to Re 1 per share and to increase the number of issued shares in proportion thereof.

State Bank of India has informed BSE that in terms of the provisions of Section 4 of the State Bank of India Act, 1955, the Central Board of the Bank at its meeting held on September 24, 2014 has considered and accorded its approval to the following:-1. To reduce the face value of equity shares of the Bank from Rs. 10 per share to Rs. 1 per share and to increase the number of issued shares in proportion thereof.

2. To arrange to mirror the reduction in face value of equity shares in existing GDR programme.Source : BSE

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