Bharat Dynamics Declares 2:1 Stock Split & Interim Dividend of ₹8.85 Per Share

22 Mar 2024 , 10:42 AM

Bharat Dynamics’ Board has approved a 2-to-1 share split and the declaration of an interim dividend for the fiscal year 2023-24.

The record date for the split of equity shares will be determined after securing shareholder approval via a postal ballot electronic voting method, and will be communicated in due course.

The postal ballot notification and e-voting instructions will be emailed individually to shareholders who held shares as of the cut-off date, March 22, and whose email address is registered with the company’s RTA.

A stock split is typically performed to boost the liquidity of the shares in the marketplace. On the ex-split day, investors who held the stock until the record date will get new shares in their Demat accounts, and the stock price will be modified based on the split ratio.

The Board authorised a change to the capital provision of the company’s Memorandum of Association due to a stock split. Furthermore, an interim dividend of ₹8.85 per share would be paid to shareholders who own stock in the firm as of the record date.

The record date for determining shareholder eligibility is April 2, and the dividend will be paid on or before April 18. At its meeting earlier today, the Board also approved appointment of Gayatri Prasad, General Manager (Finance), as the company’s Chief Financial Officer (CFO), after Srinivasulu’s resignation as Director (Finance) and CFO on January 31.

Bharat Dynamics, situated in Hyderabad, is a public sector unit under the Ministry of Defence that aims to manufacture guided missile systems and accompanying equipment for the armed services.

Since its incorporation, the business has collaborated with DRDO and international original equipment manufacturers (OEMs) to build and deliver numerous missiles and related equipment to India’s military services.

For feedback and suggestions, write to us at [e-mail]