 "SBI turns ex-stock split today")
Shares of State Bank of India (SBI) is trading higher by 1% at Rs 294 in early trade on the National Stock Exchange (NSE) after the stock turned ex-stock split today.
The stock opened at Rs 295 and touched a low of Rs 291 so far. A combined around one million shares changed hands till 0917 hours on NSE and BSE.
The country’s largest public sector lender had subdivided the face value of its equity shares to Re 1 from Rs 10.
The bank fixed November 21, 2014 as the record date for determining the eligibility of shareholders entitled to receive 10 equity shares of nominal value of Rs 1 each in lieu of 1 equity share of nominal value of Rs 10 each on account of reduction in face value (Sub-division of equity shares).
Stock split increases liquidity of a share as more retail investors buy the share due to its reduced price per share.
The stock opened at Rs 295 and touched a low of Rs 291 so far. A combined around one million shares changed hands till 0917 hours on NSE and BSE.
The country’s largest public sector lender had subdivided the face value of its equity shares to Re 1 from Rs 10.
The bank fixed November 21, 2014 as the record date for determining the eligibility of shareholders entitled to receive 10 equity shares of nominal value of Rs 1 each in lieu of 1 equity share of nominal value of Rs 10 each on account of reduction in face value (Sub-division of equity shares).
Stock split increases liquidity of a share as more retail investors buy the share due to its reduced price per share.
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