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The board of directors of HDFC Bank will consider a stock split on May 22. “The board of directors of the bank would consider a proposal for sub division of the bank’s equity shares from one equity share of face value of ₹2 each to two equity shares of face value of ₹1 each,” the private sector lender said in a regulatory filing on Monday.
The bank, which is the country’s largest private sector lender, had last split its shares in 2011 in a ratio of 1:5, or one share of ₹ 10 split into five shares of ₹2 each.
A stock split can be done to encourage retail participation in case the share price has become too high. HDFC Bank has the highest market valuation among banks at ₹6,34,499.28 crore.
On Monday, the bank’s scrip fell 1.71 per cent on the BSE to close at ₹2,328.40 apiece.
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