Coca-Cola (KO) approved a two-for-one stock split, doubling the number of its shares outstanding to 11.2 billion from 5.6 billion.

The stock split is expected to be effective July 27, with new shares set to be distributed near Aug. 10. At that time, each shareholder of record will double their holding, receiving one additional stock for each share held.

The split marks Atlanta-based Coke’s 11th in its 92-year history and the first in 16 years.  

The company, which makes Diet Coke, Fanta and Sprite, among other drinks, began trading on the New York Stock Exchange in 1919. Its stock has since been split 11 times, the first in 1927 and, prior to Tuesday’s split, most recently in 1996.

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