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State Bank of India board approves stock split

“The board of directors of the bank, in a meeting on September 24, decided to reduce the face value of equity shares of the bank from Rs 10 per share to Rs 1 per share and to increase the number of issued shares in proportion thereof,” said the company in its filing.

The News International Team

India’s largest lender  State Bank of India (SBI) has approved sub division (the first in its history) of its shares following stock split announcement from other leading lenders like ICICI Bank, Punjab National Bank and Axis Bank.

“The board of directors of the bank, in a meeting on September 24, decided to reduce the face value of equity shares of the bank from Rs 10 per share to Re 1 per share and to increase the number of issued shares in proportion thereof,” said the company in its filing.

The board also decided to mirror the reduction in face value of equity shares in existing GDR programme.

Earlier in the month, on September 9, ICICI Bank  board also approved the sub-division of one equity share having face value of Rs 10 each into five equity shares of face value of Rs 2 each. PNB , on September 22, too granted in-principle approval for spilt of existing equity shares of face value Rs 10 each into five equity shares of face value of Rs 2 each.

Axis Bank  also split its shares in July, according to which its shareholders received five equity shares of nominal value of Rs 2 each in lieu of one equity share of nominal value of Rs 10 each.

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