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SBI Gives Nod To 10-for-one Stock Split

BI India BureauSep 24, 2014, 18:42 IST

The State Bank of India (SBI) has approved a 10-for-one stock split. SBI will decrease the face value of each equity share to one rupee from 10 rupees now, it said in a regulatory filing.

Another PSU Punjab National Bank and ICICI Bank, too, had given nod to stock splits this month. Prior to the announcement, SBI shares closed 2.7% down at 2,486.35 rupees.