Kotak Mahindra Bank to pay Rs 0.405 per share dividend on preference shares

20 Mar 2023 , 11:32 AM

Kotak Mahindra Bank Limited informed that in its meeting, the Board of Directors announced a dividend of Rs 0.405 per share on the 8.10% Non-Convertible Perpetual Non-Cumulative Preference Shares with a face value of Rs 5 each for the fiscal year that will end on March 31, 2023.

“As communicated in our letter dated March 4, 2023, the Kotak Mahindra Bank has designated Friday, March 17, 2023, as the ‘Record Date’ to determine the rightful owners of PNCPS who are entitled to receive the aforementioned dividend,” said the company in its filing with the bourses.

As per the terms of issuance of PNCPS, the dividend will be subject to withholding tax at the prevailing rate under the applicable law, stated the company.

Further, Kotak Mahindra Bank is in the process of creating a wholly-owned subsidiary by separating its digital platform and super app Kotak 811, as a part of its business reorganization and succession planning efforts.

At around 10.39 AM, Kotak Mahindra Bank was trading at Rs1,691.50 apiece, against the previous close of Rs1,693.10 on NSE. 

 

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