Canara Bank’s shares climbed 5% after the bank informed the exchanges on February 7 that the Board will consider a Stock Split of its equity shares on February 26, 2024. If approved, this will be the bank’s first-ever stock split. 

According to the company’s exchange filing, the bank will seek in-principle approval from the Board of Directors for subdivision/split of its equity shares in the meeting scheduled on February 26, 2024. The stock split will be subject to the approval of the Reserve Bank of India and other statutory approvals, as may be required.

In view of the above, according to SEBI regulations to prohibit insider trading, the trading window will be closed for the insiders of the banking company, including the Directors, Designated persons, their relatives, and connected persons to deal in shares/securities of the bank, with effect from February 7 to February 28, 2024. 

The shares of Canara Bank were trading at Rs 546.70 at 12:35 pm, which is 4.84% higher than its previous close on the National Stock Exchange (NSE).