Canara Bank 5:1 Stock Split

According to an exchange filing, the board of directors of the bank has decided to split each equity share of face value of Rs 10 into five shares of face value of Rs 2.

According to the Canara Bank, the decision will enhance the liquidity of the bank’s shares and make them more accessible for retail investors. 

The Indian government owns nearly 63 per cent stake in Canara Bank, while public shareholders own the rest.

Brokerage firm Motilal Oswal has given a ‘Buy’ call to PSU lender Canara Bank with a target price of Rs 650 apiece.

The counter had closed at Rs 572.80 on Monday. This was a dip of Rs 1.24 per cent from the previous close of Rs 580.

The share of Canara Bank, which has a market cap of Rs 1,03,913 crore, has a 52-week high of Rs 598.75 and a 52-week low of Rs 268.85. 

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