By Malvika Gurung
Investing.com — Shares of India’s largest tyre manufacturer MRF (NS:) Ltd are under focus on Thursday and declined 1.1% in the ongoing session as the stock turned ex-dividend for a dividend of 1,690% for the financial year ended March 31, 2023.
The Board of Directors of MRF recommended a final dividend of Rs 169 per equity share of Rs 10 each, translating to 1,690% for the financial year 2022-23 while releasing its earnings results for the March-ended quarter and fiscal year.
The Rs 1.02 lakh/share worth company’s Board of Directors will pay the aforementioned final dividend to eligible shareholders of the company on or after August 21, 2023, subject to the approval of shareholders at MRF’s 62nd Annual General Meeting (AGM) that will be held on July 27, 2023, through video conferencing.
The Register of Shareholders and the Share Transfer Books of the tyre manufacturer will be closed from July 21 to July 27, 2023, both days included, for the purpose of payment of the final dividend.
This comes after the company already declared and paid two interim dividends for the financial year ended March 31, 2023, amounting to Rs 3 each.
The tyre manufacturing giant’s total dividend for FY23 adds to Rs 175/share of Rs 10 each, aggregating to a 1,750% dividend in the financial year.
Read More: India’s Most Expensive Stock Begins Trading 1,690% Ex-Dividend Today