Board of Jindal Steel announces record date for 200% dividend: Details here
Premium- With a market worth of ₹43,960.70 crore, Jindal Steel & Power Ltd. is a large-cap company that operates in the metal industry
With a market worth of ₹43,960.70 crore, Jindal Steel & Power Ltd. is a large-cap company that operates in the metal industry. JSP is a leading Indian conglomerate and an industrial behemoth with a strong presence in steel, power, mining, and infrastructure. One of India's leading makers of steel, the firm also has a 16.61 MTPA coal and iron ore mining capacity at several domestic and international sites.
The Board of Directors has said in a regulatory filing that “Pursuant to the provisions of Section 123 and other applicable provisions, if any, of the Companies Act, 2013 and rules made thereunder, Foreign Exchange Management Act or any other laws time being in force and as per Article 114 of Articles of Association of the Company, the consent of the members be and is hereby accorded for the payment of final dividend for the financial year 2021-22 @ 200% i.e. ₹2/- per fully paid-up equity share of face value of ₹1/- each on 102,00,88,097 fully paid-up equity shares of the Company."
The company has further added that “The Board of Directors have declared an interim dividend of ₹1/- per equity share at its meeting held on 10th March 2022. The Board has proposed a final dividend of ₹2/-per equity share for the financial year 2021-22, subject to approval of the members at the ensuing Annual General Meeting (taking together dividend for the financial year 2021-22 to ₹3/-per equity share) on shares of ₹1 each. Pursuant to Regulation 42 of the Listing Regulations, the Board has fixed Wednesday, September 21, 2022, as the “Record Date" for the purpose of ascertaining the eligibility of shareholders for payment of final dividend. The final dividend will be paid within stipulated timelines as prescribed under law."
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On Friday, Jindal Steel & Power Limited shares ended trading on the NSE at Rs. 430.00 a piece, up 0.12% from the previous close of Rs. 429.50. From ₹2.73 on September 24th, 1999, to the current market price, the stock price has soared tremendously, logging a multibagger return and an all-time high of 15,650.92% during the past 23 years. The stock generated a multibagger return of 188.30% over the previous five years and a multibagger return of 351.26% during the previous three years. The stock has gained 6.57% over the past year, and it has climbed 11.44% YTD so far in 2022.
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