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State Bank of India approves 10-for-one stock split

SBI will reduce the face value of each equity share to 1 rupee from Rs 10

People walk in front of a signboard displayed at the head office of State Bank of India in Mumbai

Last Updated : Sep 24 2014 | 5:37 PM IST

Top lender State Bank of India said on Wednesday its board had approved a 10-for-one stock split.

SBI will reduce the face value of each equity share to 1 rupee from Rs 10 now, it said in a regulatory filing.

State-run Punjab National Bank and top private sector lender ICICI Bank this month approved stock splits. Companies typically split shares to make those attractive for retail investors.

Ahead of the announcement, SBI shares closed 2.7% down at Rs 2,486.35, underperforming a 0.2% fall in the Nifty.

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First Published: Sep 24 2014 | 4:37 PM IST