Tata Steel to consider proposal to split equity shares and dividend on May 3

The board of Tata Steel Ltd will on May 3 consider a proposal to split the stock and also recommend a dividend, the Indian steel maker said in a statement on Sunday.

Without specifying the ratio of the stock split, it said the meeting on May 3 would consider a sub-division of the shares with a nominal value of 10 Indian rupees each.

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The split would be subject to regulatory and statutory approvals.

On May 3, the company will also announce results for the quarter ended March 31, the company said.

Tata Steel closed at 1,319.5 rupees a share on Wednesday. Indian equity markets were closed on Thursday and Friday.