India’s Kotak Mahindra Bank has announced a five-for-one stock split, its first since September 2010. The move, revealed on Friday, comes as the bank celebrates its 40th anniversary this month. The split is intended to make the bank’s shares more accessible and to encourage greater participation from retail investors.

Following the announcement, Kotak Mahindra Bank’s shares rose by around 2% on Monday. However, the stock ended the week 0.52% lower at 2,087.8 rupees on Friday.

The share split is part of a broader trend among Indian banks, with larger competitors also having undertaken similar actions in recent years. HDFC Bank, for instance, last split its shares in 2019, while ICICI Bank carried out a stock split in 2014.

Kotak Mahindra Bank’s stock has gained approximately 17% so far this year, outperforming both HDFC Bank, which has seen a 13% increase, and ICICI Bank, which has posted a 7% rise. The Nifty bank index has risen by 16% during the same period.

The decision to split shares comes as part of the bank’s efforts to increase its retail investor base and enhance liquidity in the stock market.