HDFC Bank board may go for splitting stock into two later this month

HDFC Bank's board will consider splitting the bank's each share into two with a face value of Rs 1 later this month, the lender said Monday.

Now, one share of HDFC Bank has a face value of Rs 2. Its shares closed at Rs 2,328.40 apiece on the BSE, down 1.71 per cent.

"...we wish to inform you that the board of directors of the bank would inter-alia consider a proposal for sub-division of bank's equity shares from 1 (one) equity share of face value of Rs 2 each to 2 (two) equity shares of face value of Rs 1 each, at their meeting to be held on May 22, 2019," the bank said in a stock exchange filing.

At present, the bank has issued about 272.33 crore shares of face value of Rs 2.

The bank had posted a 23 per cent jump in its net profit to Rs 5,885.12 crore for the quarter ended March 2019 on a healthy growth in its net interest income.

It had registered a net profit of Rs 4,799.28 crore in the January-March quarter of 2017-18.

Total income for the quarter ended March 31, 2019, stood at Rs 31,204.5 crore, up by 22.1 per cent from Rs 25,549.7 crore for the quarter ended on March 31, 2018, the bank said in a regulatory filing.