Canara Bank stock split: Canara Bank has fixed May 15, 2024 as the record date for determining entitlement of equity shareholders for the purpose of sub division/ split of existing equity shares
The fall came a day after the company announced its March quarter results for FY24 (Q4FY24), along with stock-split and dividend announcement
Shares of Premier Explosives hit a record high of Rs 2,396.60 as they rallied 15 per cent on the BSE in Monday's intraday trade after the company announced stock split in the ratio of 1:5
State-owned Canara Bank on Friday said it has fixed May 15 as record date for determining shareholders' eligibility for stock split. The stock split is being done with an objective to improve liquidity of the stock. In February, the bank's board had approved splitting existing shares of face value of Rs 10 each into 5 shares having a face value of Rs 2 each, fully paid up, ranking pari-passu in all respects, Canara Bank said in a regulatory filing. The Reserve Bank of India (RBI) gave its go-ahead for stock split on April 16, 2024, it said. Shares of Canara Bank were trading at Rs 577.15 apiece, down 1.10 per cent on the BSE in the afternoon trade. The government owns 62.93 per cent stake in Canara Bank, while public shareholders own the rest.
The company's board is scheduled to meet on April 26 to consider the proposal for sub-division/split of equity shares and also announce the March quarter results.
The company has fixed March 16 as the record date for its proposed 1:5 stock split.
The lender would need two months to get an approval for the stock split from the Reserve Bank of India, it said in an exchange filing
Shares of Canara Bank hit multi-year high at Rs 550.50, as they rallied 6 per cent after the lender said its board will meet on February 26 to consider stock split.
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The company had fixed January 10 as the Record Date for the proposed 2:1 stock split.
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Avantel said that the rationale behind the split is to enhance liquidity in the capital market, widen shareholder base, and make shares more affordable to small investors.
The company said its board will meet on August 8, 2023 to consider sub-division/splitting its existing equity shares
Since May 27, the day the Board approved the stock split decision, the stock price of the company has appreciated by 47 per cent