ICICI Bank, one of the leading private sector lenders, said Tuesday the board of directors has considered and approved the sub-division of one equity share of the bank having a face value of Rs 10 into five equity shares of face value of Rs 2 each.

Each American Depositary Share (ADS) of ICICI Bank will continue to represent two underlying equity shares as at present, the bank said. The number of ADSs held by an American Depositary Receipt holder would consequently increase in proportion to the increase in number of equity shares.

The sub-division of shares will be subject to approval by the shareholders, which will be sought by postal ballot, and any other applicable statutory and regulatory approvals. Accordingly, the record date for sub-division of shares will be announced in due course.

Shares of the bank declined Rs 20.5, or 1.31%, to settle at Rs 1,547.70. The total volume of shares traded was 91,437 at the BSE (Tuesday).