India's ICICI Bank says board approves five-for-one stock split

MUMBAI: ICICI Bank Ltd, India's top private sector lender by assets, said on Tuesday its board had approved a five-for-one stock split.

Each American Depositary Share (ADS) of ICICI Bank will continue to represent two underlying equity shares, the lender, which is also traded in New York, said in a statement. The number of ADSs will increase in proportion to the increase in equity shares, it said.

The split is subject to shareholder and regulatory approvals, the bank said, adding it would set the record date for the split later.

Ahead of the news, ICICI Bank shares closed 1.4 percent lower at 1,545.75 rupees in a Mumbai market that fell 0.26 percent.

ICICI did not give a reason for the stock split, but companies typically split their stocks to keep prices attractive for retail investors.