Karur Vysya Bank advances 2% as board approves stock split

NEW DELHI: Shares of Karur Vysya Bank jumped nearly 2 per cent in Tuesday’s trade after the lender announced subdivision of its share into five equity shares of lower face value (FV). The lender said it would split one stock of FV Rs 10 into five shares of FV Rs 2.

“The board of directors at a meeting held on September 19, inter alia, considered and approved the proposal for sub-division of existing one equity share of Rs 10/- each face value fully paid up into 5 number of equity shares of Rs 2 each face value, subject to the approval of the shareholders through Postal Ballot process,” the company told exchanges.

The bank had in September 2010 issued bonus to its shareholders in 2:5 shareholders. It has a history of paying annual dividends to the tune Rs 10-14 per equity shares, BSE data showed. The stock rose 1.86 per cent to hit a high of Rs 485.50 by 10.30 am.