ICICI Bank approves 1:5 shares split

The Board of Directors of ICICI Bank Ltd has considered and approved the sub-division (split) of one equity share of the Bank having a face value of Rs 10 into 5 equity shares of face value of Rs 2 each.

According to the bank's statement, "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 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, the record date for sub-division of shares will be announced in due course, the statement added.



Source : The Hindu