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India's Canara Bank announces 5-for-1 stock split

Reuters
·1-min read
FILE PHOTO: A man walks past a Canara Bank office in Mumbai

BENGALURU (Reuters) - India's state-owned Canara Bank said on Monday it plans to split each share into five, to make them more affordable for retail investors and boost their shareholding.

The lender would need two months to get an approval for the stock split from the Reserve Bank of India, it said in an exchange filing.

The Indian government owns nearly 63% stake in Canara Bank, while public shareholders own the rest.

Its shares closed 1.2% lower on Monday, ahead of the share split announcement. They have added about 31% so far this year, on top of a similar gain last year.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala)