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The board of directors of Kerala-based Federal Bank Ltd has approved the sub-division of equity shares of Rs 10 each into five shares of Rs 2 each.
The Investment and Capital Raising Committee of the board will meet on September 14 to consider the record date for the stock split, the bank has said in a statement to the stock exchanges.
The shares closed lower on the BSE at Rs 297 today. The stock, which crashed to a 52-week low of Rs 221.25 on September 4 on the exchange, has seen a sharp bounce back since then. But it is way off its 52 week high of Rs 550.75 that it reached on January 2 this year.
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