ICICI Bank fixes record date for stock split; stock hits new high

Shares of ICICI Bank has higher by 3% to Rs 1,732 on National Stock Exchange (NSE) after the bank has fixed December 5 as the record date for its proposed stock split.

“The bank has fixed record date as December 05, 2014 for the purpose of ascertaining the eligible shareholders who would be entitled to receive 5 equity shares of nominal value of Rs 2 each in lieu of 1 equity share of nominal value of Rs 10 each of the bank”, ICICI Bank said in a statement.

The bank also said that each American Depositary Share (ADS) of ICICI Bank will continue to represent two underlying equity shares as at present.

The number of ADSs held by an American Depositary Receipt holder would consequently increase in proportion to the increase in number of equity shares, it added.

The stock opened at Rs 1,691 and touched a record high of Rs 1,739 on NSE. A combined 2.19 million shares changed hands on the counter till 1340 hours on NSE and BSE.

Since September 8, the stock rallied 19.4% from Rs 1,450, after its board approved sub-division of equity shares. The benchmark CNX Nifty gained 3.6% and Bank Nifty up 11.5% during the same period.