Canara Bank board approves 1:5 stock split to improve liquidity; Details here

livemint.com:

Canara Bank said on Monday that the board has given its approval a stock split, dividing each share into five shares to enhance the liquidity of the bank's shares and make them more accessible for retail investors, the company said in an exchange filing. The expected time period for the completion of the stock split is 2-3 months. "Expected time of completion is 2 to 3 months from intimation of date of Board Meeting (February 7, 2024) to Stock Exchanges, considering the time taken for receiving RBI’s approval," said Canara Bank.

Also read: Dixon Technologies share price hits record high; what's driving the rally? Approval from the Reserve Bank of India (RBI) is required for the stock split of its fully paid-up equity shares. The Canara Bank stock closed a percent lower today at ₹571.90 on the NSE. According to the filing, the trading window will reopen on February 29 for the Directors, designated individuals of the bank, their relatives, and all associated parties.

In the previous month, Canara Bank, a state-owned institution, announced robust financial results, with nearly 27 percent surge in net income to ₹3,659 crore during the quarter ending December 2023. This growth was propelled by reduced credit costs and increased interest income. The Bengaluru-headquartered bank surpassed expectations, with net interest income registering a significant rise of 9.50 percent to reach ₹9,417 crore.