stock split: , an Indian public sector lender, has fixed May 15, 2024, as the record date for its stock split. The bank’s board had earlier cleared the stock split proposal — to divide one share into five shares with a face value of 2 each. The PSU bank on April 19 announced the record date in an exchange filing.

In its exchange filing, the lender stated that the purpose of determining the entitlement of equity shareholders is to subdivide or split the bank’s existing equity shares. Specifically, one equity share, with a face value of 10 and full payment, will be divided into five equity shares, each with a face value of 2. To improve the liquidity of the bank’s shares and make them more accessible to retail investors, the public sector lender announced in February that its board had approved a stock split. The Canara Bank share price was trading 0.95 per cent lower at 578 apiece on the BSE. According to Rajesh Bhosale, Equity Technical and Derivative Analyst, Angel One, there is no major traction in this counter though it has bounced from lower levels along with broader markets. Today’s bounce is from the key support of 50 ema, and 560 may continue to act as the support, whereas 600 is likely to be the resistance. Canara Bank’s long-term Issuer Default Rating (IDR) of ‘BBB-‘ was affirmed by Fitch Ratings on Tuesday, with the outlook stated to be stable. The Government Support Rating (GSR) of ‘BBB-‘ and the Viability Rating (VR) of ‘BB-‘ for Canara Bank have also been affirmed by the agency. The rating agency believes that there is a significant likelihood that Canara Bank will get extraordinary state support if needed, as seen by the bank’s Long-Term IDR and GSR, which are on par with India’s sovereign rating (BBB-/Stable). The state owns a significant portion of the bank, accounting for 63 per cent of its total assets. Additionally, the agency noted that the state’s considerable support for the banking sector is taken into account. Canara Bank Livemint tops charts as the fastest growing news website in the world to know more.

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