Reuters Chipotle Mexican Grill39;s stock breached the 3,000 mark for the first time on Wednesday and closed 3.5 higher after the burrito chain39;s board approved a 50for1 stock split, hoping to entice investors wary of its lofty pershare price.

Shares of the Californiabased company have rallied to record levels over the past year, powered by strong earnings owing to a solid demand for burritos and rice bowls among its relatively wealthy customer base.

A stock split lowers the price of shares without affecting the company39;s valuation, making them more affordable for individual investors.

Based on Wednesday39;s closing price of 2,895, its highest close ever, the company39;s stock would trade at around 58 after the split. Chipotle has around 27.4 million shares outstanding.

If the split is approved at the upcoming annual meeting on June 6, its shareholders will receive an additional 49 shares for each share held.

As of Tuesday39;s close, Chipotle had the fourthhighestpershare value on the SP 500 index. Its market value was 76.71 billion.

The split, the first in its 30year history, will make our stock more accessible to employees as well as a broader range of investors, said Chipotle39;s Chief Financial and Administrative Officer Jack Hartung on Tuesday.

CEO Brian Niccol also announced a special onetime equity grant for all restaurant general managers as well as crew members with more than 20 years of service.

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