In its board meeting on October 19, Nestle India will discuss an interim dividend and a stock split

4 Oct 2023 , 01:49 PM

On October 19, the board of directors of Nestle India will decide whether to approve the plan to divide the company’s shares, which have a face value of Rs 10 each. We’ll take into account this suggestion along with the September quarter’s earnings.

A stock split, especially in high value stocks, benefits stakeholders while also enhancing the counter’s liquidity. The manufacturer of ‘Maggi’ noodles has one of the top Nifty 50 stock returns for 2023. It has generated gains of around 14% so far this year and reached a 52-week high of Rs 23,395.35 in July.

The board will evaluate and recommend a second interim dividend for the year 2023 in addition to a stock split, the business stated in an exchange filing.

The corporation announced that the second interim dividend’s record date will be November 1 if it is authorised by the board and shareholders.

Nestle distributed an interim dividend in April of Rs 27 per share and a final dividend in 2022 of Rs 75 per share. The National Company Law Tribunal granted Nestle permission to convert the whole credit amount of the company’s general reserves, or Rs 837 crore, to retained earnings last month.

Tuesday’s trading saw shares of Nestle India close almost 1% lower at Rs 22,315.25 on the NSE.

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