ICICI Bank approves 1:5 shares split

Written by PTI | New Delhi | Updated: Sep 10 2014, 03:55am hrs
ICICIICICI approved sub-division of one equity share into five. (Reuters)
ICICI Bank, country's largest private lender, today approved sub-division of one equity share into five with the aim to increase liquidity of scrip.

"The board of directors of ICICI Bank has considered and approved the sub-division (split) 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," the bank said in a statement.

Shares of the bank today closed at Rs 1,547.70 per unit, down 1.31 per cent on the BSE.

Following the sub-division, it said, there would be alteration in the relevant clauses relating to capital of the Memorandum of Association and Articles of Association of the bank.

Each American Depositary Share (ADS) of ICICI Bank will continue to represent two underlying equity shares as at present, it said.

The number of ADSs held by an American Depositary Receipt holder would consequently increase in proportion to the increase in number of equity shares. Thus, the underlying equity shares would rise to 10 with the split.

The bank further said the sub-division of shares will be subject to approval by the shareholders and regulatory approvals.

Accordingly, the record date for sub-division of shares will be announced in due course, it said.

ICICI Bank reported a standalone net profit growth of 17 per cent to Rs 2,655 crore for the first quarter ended June.

The bank had a net profit of Rs 2,274 crore in the corresponding period of the previous fiscal.

During the reported quarter, the bank's total income increased to Rs 14,616 crore from Rs 12,904 crore in the year ago period.

Its operating profit was up 18 per cent to Rs 4,517 crore as against Rs 3,814 crore in the April-June period of last year.