HDFC Bank board to consider stock split on 22 May, new share face value of Re 1

Mumbai: Private sector lender HDFC Bank on Monday said its board will consider splitting the bank’s each share into two with a face value of Rs 1 later this month. Presently, one share of HDFC Bank has a face value of Rs 2. Its shares closed at Rs 2,328.40 apiece on the BSE, down 1.71 percent on Monday. [caption id=“attachment_4010567” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] “…we wish to inform you that the board of directors of the bank would inter-alia consider a proposal for sub-division of bank’s equity shares from 1 (one) equity share of face value of Rs 2 each to 2 (two) equity shares of face value of Rs 1 each, at their meeting to be held on 22 May, 2019,” the bank said in a stock exchange filing. At present, the bank has issued about 272.33 crore shares of face value of Rs 2. The bank had posted a 23 percent jump in its net profit to Rs 5,885.12 crore for the quarter ended March 2019 on 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 31 March, 2019, stood at Rs 31,204.5 crore, up by 22.1 percent from Rs 25,549.7 crore for the quarter ended on 31 March, 2018, the bank said in a regulatory filing.