State-owned Canara Bank fixes record date of May 15 for stock split

State-owned Canara Bank on Friday said it has fixed May 15 as record date for determining shareholders' eligibility for stock split.

The stock split is being done with an objective to improve liquidity of the stock.

In February, the bank's board had approved splitting existing shares of face value of Rs 10 each into 5 shares having a face value of Rs 2 each, fully paid up, ranking pari-passu in all respects, Canara Bank said in a regulatory filing.

The Reserve Bank of India (RBI) gave its go-ahead for stock split on April 16, 2024, it said.

Shares of Canara Bank were trading at Rs 577.15 apiece, down 1.10 per cent on the BSE in the afternoon trade.

The government owns 62.93 per cent stake in Canara Bank, while public shareholders own the rest.