This auto stock's record date for ₹140 dividend this week, Details inside
Premium- The auto stock is going to turn ex-dividend on Thursday, a day ahead of its record date fixed on July 1
While announcing its earnings for fourth quarter ended March 31, 2022, Bajaj Auto had said its board also recommended a dividend of ₹140 per share of ₹10 each (1,400 per cent) subject to approval of shareholders.
The auto stock is going to turn ex-dividend on Thursday, a day ahead of its record date fixed on July 1, 2022, for the finalisation of eligible shareholders for dividend payment.
“The Board of Directors has approved/ recommended a dividend at the rate Rs. 140 per share (1400%) of face value of Rs. 10 each on equity shares for the financial year ended 31 March 2022. The said dividend, if declared by the shareholders at the ensuing Annual General Meeting, will be credited/dispatched on or around 30 July 2022," Bajaj Auto had informed in an exchange filing in April.
The Dividend, if declared, shall be paid to the equity shareholders whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Friday, 1 July 2022, which is the Record Date fixed for the purpose, it added.
Total pay out towards dividend would amount to ₹4,051 crore, the company stated. As on March 31, 2022, the company's surplus cash and cash equivalents stood at ₹19,090 crore as against ₹17,689 crore as on March 31, 2021, after a dividend payout of ₹4,051 crore.
Meanwhile, the homegrown motorcycles and three-wheeler manufacturer board will meet on Monday, June 27, 2022 to further deliberate on the proposal for buyback of fully paid-up equity shares of the company.
The auto major's board earlier this month had deferred a decision on its proposed share buyback, after informing the stock exchanges on June 9 that its board would consider a proposal for buyback of fully paid-up equity shares at a meeting to be held on Tuesday, June 14.
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Bajaj Auto is a leading manufacturer of motorcycles and three-wheelers in India. Shares of Bajaj Auto have gained over 18% in 2022 (YTD) so far, whereas the auto stock is down about 8% in a year's period.