"The board of directors of the bank, in a meeting on September 24, decided 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," said the company in its filing.
India's largest lender State Bank of India (SBI) has approved sub division of its shares following stock split announcement from other leading lenders like ICICI Bank, Punjab National Bank and Axis Bank.
"The board of directors of the bank, in a meeting on September 24, decided 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," said the company in its filing.
The board also decided to mirror the reduction in face value of equity shares in existing GDR programme.
Earlier in the month, on September 9, ICICI Bank's board too approved a stock split in the ratio of 1:5, with PNB following suit on September 22, splitting its share in the same ratio.
ICICI Bank board approved the sub-division of one equity share having face value of Rs 10/- each into five (5) equity shares of face value of Rs 2/- each. Pursuant to the sub-division of equity shares, additional proportionate American Depository Shares (ADS) would be issued to maintain the ratio of one ADS to two equity shares.
PNB board also considered and granted in-principle approval for spilt of existing equity shares of face value Rs 10/- each into 5 equity shares of face value of Rs. 2/- each.
Axis Bank also underwent a stock split on July 30, according to which its shareholders would be entitled to receive 5 (Five) equity shares of nominal value of Rs. 2/- each in lieu of 1 (One) equity share of nominal value of Rs. 10/- each.
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