HDFC Bank board to consider stock split on 22 May, new share face value of Re 1

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Mumbai: Non-public sector lender HDFC Financial institution on Monday mentioned its board will take into account splitting the financial institution’s every share into two with a face worth of Rs 1 later this month.

Presently, one share of HDFC Financial institution has a face worth of Rs 2. Its shares closed at Rs 2,328.40 apiece on the BSE, down 1.71 p.c on Monday.

 HDFC Bank board to consider stock split on 22 May, new share face value of Re 1

Representational picture. Reuters.

“…we wish to inform you that the board of directors of the bank would inter-alia consider a proposal for sub-division of bank’s equity shares from 1 (one) equity share of face value of Rs 2 each to 2 (two) equity shares of face value of Rs 1 each, at their meeting to be held on 22 May, 2019,” the financial institution mentioned in a inventory trade submitting.

At current, the financial institution has issued about 272.33 crore shares of face worth of Rs 2.

The financial institution had posted a 23 p.c leap in its internet revenue to Rs 5,885.12 crore for the quarter ended March 2019 on wholesome development in its internet curiosity earnings.

It had registered a internet revenue of Rs 4,799.28 crore within the January-March quarter of 2017-18.

Complete earnings for the quarter ended 31 March, 2019, stood at Rs 31,204.5 crore, up by 22.1 p.c from Rs 25,549.7 crore for the quarter ended on 31 March, 2018, the financial institution mentioned in a regulatory submitting.

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