PSU lender Canara Bank announced on Monday that its Board has approved a split of each share into five shares. This decision was made to enhance the liquidity of the Bank's shares, make them more affordable for retail investors, and broaden the retail investor base.
The expected time for the completion of the stock split is 2-3 months, according to Canara Bank. This timeframe is estimated from the date of the Board Meeting (February 7, 2024) until the approval is received from the Reserve Bank of India (RBI).
As of Monday, Canara Bank’s stock on the BSE closed trading 1.5 percent lower at Rs 571.9. Currently, the face value of a Canara Bank share is Rs 10, which will become Rs 2 post-split.
In the previous month, state-owned Canara Bank reported robust financial results, with net income increasing by nearly 27 percent to Rs 3,659 crore in the December 2023 quarter. This growth was driven by lower credit costs and higher interest income.
what imact will it have on the market?
I think market does not get that much affected
What impact will it have on market?
I think market will not be impacted that much. It’ll have a little impact but not a major one.
Yes what impact will happen in market now
Great news canara bank is splitting . New opportunities different working methods more reach easy access would be really convenient and canara bank growth will skyrocket in no time great news!!!