Canara Bank 5:1 Stock Split, Canara Bank Share Price Target 2024: Public Sector Unit (PSU) lender Canara Bank has announced a 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.
“Approved Sub-division/ split of every one equity share of face value of Rs. 10/- (Rupees ten only) each, fully paid-up, into 5 (five) equity shares of face value of Rs. 2 /- (Rupee two only) each, fully paid-up, subject to approval of the Reserve Bank of India,” the bank said in an exchange filing.
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.
Canara Bank Stock Split Completion Time
The bank in the exchange filing said that the estimated completion time is two to three months from the intimation of the date of the board meeting ( i.e 07-02-2024) to stock exchanges, considering the time taken for receiving RBI’s approval.
Canara Bank Share Price Target 2024
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. The counter has given 111 per cent in one year and 162 per cent return in two years.
Canara Bank Dividend History
Earlier, Canara Bank announced a dividend of Rs 12 per share in June 2023. Check the dividend history below: