Stock split 2024: Canara Bank shares will be in focus on Monday as the board of directors of the state-owned bank is going to consider a stock split in its meeting scheduled on 26th February 2024. If approved, this would be the second big corporate event taking place at the PSU bank after a gap of nearly seven years. Canara Bank board had declared Rights Issue on 20th February 2017 and the rights issue size was ₹1,124 crore.
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Canara Bank stock split details
The state-owned bank informed Indian stock market exchanges about the stock split proposal saying, “Pursuant to Regulation 29(3)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Notice is hereby given that a meeting of the Board of Directors of the Bank is scheduled to be held on Monday, 26th February 2024, to seek in-principle approval from the Board of Directors for Sub-Division/Split of the Equity Shares of the Bank subject to prior approval of Reserve Bank of India (RBI) and other Statutory/Regulatory/Government of India approvals, as may be required.”
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“In view of the aforesaid, pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 read with Canara Bank’s Code of Conduct for Prohibition of Insider Trading, the “Trading Window” for the Directors / Designated Persons of the Bank / their relatives / Connected Persons to deal in shares / securities of the Bank shall remain closed with immediate effect from today, 07th February 2024 till 28th February 2024,” Canara Bank added in its exchange communication dated 7th February 2024.
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Canara Bank share price history
In the post-Covid rebound, Canara Bank shares surged from around ₹80 to ₹580 apiece on NSE in nearly four years, delivering to the tune of 625 percent return to its shareholders. Canara Bank shares are one of the multibagger stocks that the Indian stock market has produced in the last one year. It has risen from near ₹270 to ₹580 apiece level, recording around 115 percent rise in this time. In the last six months, this state-owned PSU bank has risen from around ₹325 to ₹580 apiece level, logging a nearly 75 percent rise in this time.
