Money & Banking

HDFC Bank board plans to consider stock split on May 22

Our Bureau Mumbai | Updated on May 06, 2019

HDFC Bank cut the marginal cost-based lending rates (MCLR) by 5 to 10 basis points across various tenors. File Photo

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.

Published on May 06, 2019

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