PSU BANK STOCK SPLIT: RECORD DATE ON MAY 15; BUY?

PSU Bank Stock Split: Shares of India's leading public sector lender, Canara Bank, are approaching the record date for the subdivision of the bank's stock. The bank had earlier announced the subdivision of its shares in the ratio 5:1. Accordingly, Canara Bank's 1 equity share, having a face value of Rs 10 each, fully paid up, will be subdivided into 5 equity shares, each having a face value of Rs 2.

"...Such that 1 (one) equity share having face value of Rs 10/- (Rupees Ten only) each, fully paid up, will be subdivided into 5 (Five) equity shares having face value of Rs. 2/- (Rupees Two only) each, fully paid up, ranking pari-passu in all respects, which was approved by the Reserve Bank of India (RBI) ," the Bank said in a regulatory filing on the BSE.

Canara Bank Stock Split Record Date 2024

Canara Bank, in an exchange filing, has said that it has fixed Wednesday, 15th May 2024 as the Record Date for determining entitlement of Equity Shareholders for the purpose of subdivision/split of existing Equity Shares of the Bank.

Shares of Canara Bank started Tuesday's session with gains at Rs 596 on the BSE. While writing the news, the bank's stock was quoted trading at Rs 578.50, down 2.20 percent from its previous close of Rs 591.50 on the BSE.

Canara bank Share Price Target 2024

Brokerage firm Motilal Oswal remains bullish on the PSU bank stock. The brokerage has given a ‘buy’ rating on Canara Bank shares. Motilal Oswal has set the price target for the Canara bank's share at Rs 650.

Canara Bank Share Price History

The public sector lender is a constituent of S&P BSE 200 index on the BSE. According to the BSE analytics, Canara Bank's stock has advanced 4.66 per cent in the last three months, 49.43 per cent in the last six months, and 81.92 per cent in the last one year.

BSE data shows that the PSU Bank stock has emerged as a multibagger in the last two years by surging as much as 164.37 percent during the said period.

Shares of Canara Bank have a 52-week range of Rs 632.65 - Rs 291.30 on the BSE. Canara Bank commands a market cap of Rs 1,05,137.92 crore on the BSE.

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(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)

2024-05-07T09:44:13Z dg43tfdfdgfd