Adani Power on Friday said its board of directors has approved a stock split, dividing each existing equity share of face value ’10 into five equity shares of face value ‘2 each. “The subdivision of shares is intended to encourage wider retail participation by making the stock more affordable,” it said in a regulatory filing.

The company on Friday also reported a 15.5% fall in its consolidated net profit for the first quarter ended June to ‘3,305 crore from ‘3,913 crore a year earlier. Revenue from operations declined 5.9% to ‘14,167 crore from ‘15,052 crore.

Its consolidated earnings before interest, taxes, depreciation and amortisation (Ebitda) from continuing operations stood at ‘5,744 crore in the first quarter, down from ‘6,290 crore a year ago, primarily due to lower revenue and added costs from recent acquisitions. The Ebitda rose 12.7% sequentially.

Adani Power’s scrip closed at ‘566.7 on the BSE on Friday, down 3.5% from its previous close.

The company said the record date for its stock split will be determined after shareholder approval and will be communicated in due course.

The split means the total number of authorised shares will increase fivefold, but the overall value of authorised, subscribed, and paid-up share capital will remain unchanged at ‘3,856.9 crore.