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After State Bank of India, now it is the turn of ICICI Bank to turn ex-split at the bourses. According to a notification on the NSE and the BSE, the face value of ICICI Bank shares will be reduced to Rs 2 on December 4.
ICICI Bank has fixed record date as December 5 for the purpose of ascertaining the eligible shareholders who would be entitled to receive five equity shares of face value of Rs 2 each in lieu of one equity share of face value of Rs 10 each of the bank.
Shares of ICICI Bank surged Rs 25 or 1.3 per cent on the BSE.
Further the bank has also informed that 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.
Last week, SBI had split its face value from Rs 10 to Re 1. The stock of SBI is currently quoting at Rs 310 on the BSE.
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