PremiumListen to this article |
CNG and PNG major supplier, Mahanagar Gas (MGL) has fixed the record date for its final dividend for the financial year FY22. The company has declared a 155% dividend on its equity shares and plans to identify eligible shareholders for the benefit next month. The company needs shareholders approval for the dividend in the upcoming AGM. On Monday, MGL shares witnessed volatile sentiment and closed in the red.
In its regulatory filing, MGL said the 27th annual general meeting (AGM) is scheduled to be held on Wednesday, August 24, 2022.
Further, MGL said, " The Record Date ("cutoff") for the purpose of 27th AGM and ascertaining the eligibility of Final Dividend for the Financial Year 2021-2022 is Tuesday, August 16, 2022."
MGL stated that the final dividend, if declared at the said AGM, will be paid within 30 days of its declaration, to those Members whose names appear in the Register of Members of the Company and/ or Register of Beneficial Owners maintained by the Depositories, as on the Record Date ("cut-off'), i.e. Tuesday, August 16' 2022.
This also means that MGL shares are likely to turn ex-dividend on August 15.
The ex-dividend date for a stock is the business day before the record date of declaring eligible shareholders for the payout.
In May, the company announced a final dividend of ₹15.50 i.e 155% per equity share having a face value of ₹10 each for the financial year ended March 31, 2022. This is in addition to an interim dividend of ₹9.50 per equity share (95%) paid to all eligible shareholders in February this year.
With that, in FY22, MGL's total dividend FY22 will be ₹25 per equity share having a face value of ₹10 each (i.e 250%).
On BSE, MGL shares closed at ₹743.45 apiece down by ₹8.85 or 1.18%. Its market cap is around ₹7,343.63 crore.
For full-year FY22, the company's net profit is around ₹596.95 crore down from ₹619.57 crore in the previous fiscal. Revenue from operations jumped to ₹3,884.90 crore against ₹2,337.79 crore in the previous financial year.
GAIL-promoted MGL has got a track record of almost 100% reliability in its gas supply. Currently, MGL connects 1.92 million households, over 4,272 small commercial establishments, and 94 industrial establishments. MGL also supplies CNG to more than 0.87 million vehicles in Mumbai, Thane, Mira-Bhayander, Navi Mumbai, and others. Through MGL's wide distribution network, there are 292 CNG filling stations having 1,760 dispensing points.