India's top private sector lender, ICICI Bank's board has approved five-for-one stock split, the company said in a filing in the Bombay Stock Exchange (BSE) Tuesday.
"The board of directors of the bank at its meeting held on Sep 9 has considered and approved the sub-division of one equity share of the bank having face value of Rs.10 each into five (5) equity shares of face value of Rs.2 each and consequential alteration in the relevant clauses relating to capital of the Memorandum of Association and Articles of Association of the Bank," the statement said.
The sub-division of equity shares will be subject to approval of the members and other statutory and regulatory approvals as may be applicable, it said.
Each American Depository Share (ADS) of ICICI Bank will continue to represent two underlying equity shares as at present, it added.
The company's scrips closed at Rs.1547.70 per share, down 1.31 percent at 4 p.m. on the BSE.