Canara Bank Board approves stock-split of each share into 5 shares of face value Rs.2

Canara Bank board approves 1:5 stock split dividing 1 Equity share of Rs.10 into 5 shares of Rs.2 each. The objective is to improve the liquidity of the bank shares, making it more affordable for retail investors. However, the stock split is subject to approval of Reserve Bank of India. The stock split procedure will be completed within 2-3 months from date of intimation of Board meeting on 7 February 2024 to stock exchanges. Indian Government holds a major stakes of around 63% in the Bank and rest is owned by the public shareholders.
On 26 February the stock closed at Rs.571.9.