India’s Kotak Mahindra Bank announces first stock split in 15 years

India’s Kotak Mahindra Bank said on Friday it will split one share into five, in its first stock split since September 2010.

The bank, which completed 40 years of operations this month, said it seeks to make its shares more affordable and boost participation from retail investors.

Kotak’s shares rose about 2% on Monday after it announced the proposal, but closed 0.52% lower at 2,087.8 rupees on Friday.

Larger peer HDFC Bank last announced a stock split in 2019, while ICICI Bank split itsshares in 2014, according to exchange data.

Kotak’s shares have risen about 17% so far this year, compared to gains of 13% for HDFC Bank and 7% for ICICI Bank.

The Nifty bank index is up 16%.