Canara Bank rose 1.01% to Rs 578.70 after the bank announced that its board has approved a 5-for-1 stock split.
The public lenders board has approved the sub-division of one equity share having a face value of Rs 10 each fully paid-up, into five equity shares of Rs 2 each, fully paid-up, subject to approval of the Reserve Bank of India.
The rationale behind the split is to improve the liquidity of the banks share and to make it affordable for retail investors and also to broaden the retail investors base, said the bank.
The sub-division is expected to be completed within 2 to 3 months from intimation of date of board meeting on 7 February 2024 to stock exchanges, considering the time taken for receiving RBIs approval, it added.
Canara Bank is an Indian public sector bank. As on 31 December 2023, the bank has 9,585 number of branches, out of which 3,095 are rural 2,742 semi urban 1,906 urban & 1,842 metro along with 10,463 ATMs. The bank is also having 3 overseas branches in London, New York & Dubai.
The public lender reported 26.88% rise in net profit to Rs 3,656.12 crore on 23.33% increase in total income to Rs 32,333.93 crore in Q3 FY24 over Q3 FY23.
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