ICICI BANK To Split Its Share For The First Time In History, One Share In To Five Shares.

ICICI BANK SHARE SPLIT 1:5

India`s largest private bank- ICICI Bank on 09th Sep 14. has decided to split its shares, for the first time in history, from one share into five shares.

Accordingly, additional proportionate american depository shares (ADS) would be issued to maintain the ratio of one ADS to two equity shares, said by the bank. The board of directors of the ICICI bank has approved the sub-division of one equity share of the ICICI bank having a face value of Rs 10 into five equity shares of face value of Rs 2 each. 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. The ICICI BANK further said the sub-division of shares will be subject to approval by the shareholders, which will be sought by postal ballot, and any other applicable statutory and regulatory approvals.

Accordingly the company will announce the record date for sub-division of shares in due course. Shares of  ICICI Bank gained as much as 1.3 percent in early trade on Wednesday.

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