Private sector lender HDFC Bank on Monday said it will consider a proposal for sub-division of bank’s equity shares from one equity share with a face value of Rs 2 each to two shares with a face value of Re 1 each.
The stock split proposal will be taken up at the bank’s board meeting scheduled on May 22.
According to the Securities and Exchange Board of India (SEBI) regulations, the trading window for dealing in securities of the bank will be closed for designated persons from May 7, 2019, until May 24, 2019 (both days inclusive), the bank said in a release to the exchange.
HDFC Bank had last split its stock in the 1:5 ratio; from one share of Rs 10 into 5 shares of Rs 2 each, at its 17th Annual General Meeting in July 2011.
The bank had posted a 23 per cent jump in its net profit to Rs 5,885.12 crore for the quarter ended March 2019 on a healthy growth in its net interest income.
It had registered a net profit of Rs 4,799.28 crore in the January-March quarter of 2017-18.
Total income for the quarter ended March 31, 2019, stood at Rs 31,204.5 crore, up by 22.1 per cent from Rs 25,549.7 crore for the quarter ended on March 31, 2018, the bank said in a regulatory filing.