Kotak Mahindra board to consider stock-split on May 11

Private sector lender Kotak Mahindra Bank on Monday said its board will meet on May 11 to consider a proposal for the sub-division of its shares, which have a face value of Rs 10 each.

The board will meet to consider a proposal for stock-split of the present value of its equity shares of Rs 10 each into smaller denominations as the board may deem fit, Kotak Mahindra Bank said in a filing to the Bombay Stock Exchange (BSE).

The proposal is subject to shareholder approval, the filing added.

The board will also consider the audited annual accounts of the bank -- standalone and consolidated -- for the year ended March 31, 2010 and declaration of dividend, if any, it said.

Shares of Kotak Mahindra Bank were trading at Rs 741 on the BSE, up 0.43 per cent from previous close.