Moneycontrol Bureau
India's largest private sector lender ICICI Bank on Tuesday has decided to split its shares, for the first time in history, from one share into five shares. Accordingly, additional proportionate american depository shares (ADS) would be issued to maintain the ratio of one ADS to two equity shares, said the bank in its filing.
The board of directors of the bank has approved the sub-division of one equity share of the bank having a face value of Rs 10 into five equity shares of face value of Rs 2 each.
"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 private sector lender further said the sub-division of shares will be subject to approval by the shareholders, which will be sought by postal ballot, and any other applicable statutory and regulatory approvals.
Accordingly, it will announce the record date for sub-division of shares in due course.
The scrip of ICICI Bank, which announced stock split after market hours, declined 1.31 percent to close at Rs 1,547.70 on the BSE.
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