State
Bank of India on recently said its board had approved a 10 - for - one stock
split (10:1).
India's
top lender will reduce the face value of each equity share from Rs. 10 to
Rs. 1,it said in a stock exchange filing.
The
bank said it would arrange to mirror the reduction in face value of equity
shares in the existing GDR programme.
Ms.
Arundhati Bhattacharya, CMD, State Bank of India, in a press release, said,
“The decision to split stock will enhance broader investor participation,
specifically retail participation & increase in demand will enhance PE
Ratio.“
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