Yes Bank turns ex-stock split in the ratio of 5 for 1; shares hit new high

Since July 3, the bank announced the stock split plan the stock outperformed the market by surging 29% against 3.5% rise in Sensex

Yes Bank hit a new high of Rs 383, up 2% on BSE in early morning trade after the stock turned ex-stock split in the ratio of 1:5 with effect from today.

The board of Yes Bank on July 26, 2017 had approved stock split in the ratio of 5 for 1, i.e. sub-division of 1 equity share of face value of Rs 10 each fully paid up into 5 equity shares of Rs 2 each fully paid up.

The bank has fixed Friday, September 22, 2017 as record date for determining the eligibility of shareholders, with regards to sub-division equity shares.

In order to facilitate affordability of the company’s shares for investors at large and to enhance the liquidity of the company’s equity shares in the stock market, the most of companies proposed to bring down the nominal face value of equity shares.

Since July 3, the bank announced the stock split plan the stock has outperformed the market by surging 29% from Rs 299 (adjusted to sub-division of shares). On comparison, the S&P BSE Sensex was up 3.5% during the same period.

In past two years, Yes Bank has rallied 150% against 24% rise in the benchmark index.

At 10:49 am, the stock was nearly 1% at Rs 379 on BSE as compared to 0.49% decline in Sensex. A combined 4.66 million shares have changed hands on NSE and BSE so far. On an average around 1.7 million shares were traded in past two weeks before the stock split.