The Indian Metals and Ferro Alloys Limited has recently announced a special dividend of INR 15 per equity share of INR 10 each for the financial year ending March 31, 2024.
Record Date and Payout Details
The record date for this special dividend has been set as April 8, 2024. For investors wondering what this means, a record date is crucial as it signifies that only those holding shares of Indian Metals and Ferro Alloys as of that date will be eligible to receive the dividend payout.
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Shareholders can anticipate receiving the special dividend on or before Saturday, April 27, 2024, according to the company’s recent stock exchange filing.
Past Dividends and Board Decisions
This special dividend follows a series of dividend announcements by Indian Metals and Ferro Alloys. In November 2023, the company declared an interim dividend of INR 7.5, based on the final dividend of INR 5 paid in July of the same year. Notably, the highest dividend declared by a ferroalloy maker historically was INR 10 per share in July 2018.
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Additionally, the company’s board has approved important decisions beyond dividends. This also includes the withdrawal of the plan of amalgamation of Utkal Coal Limited into the company as well as the plan to convert it into a wholly owned entity by acquiring the remaining shares of subsidiary Utkal Coal. Additionally, the Board approved a waiver of doubtful interest income on a loan of INR 110.75 crore issued to its subsidiary Utkal Coal, and a provision for impairment of INR 111.42 crore against the value of investment made by the company in UCL.
Disclaimer
The content of this article is only for informational purposes and we do not offer any investment advice from our end. Please consult a SEBI-registered investment advisor before making any investment decision. The information does not necessarily reflect the views/opinions of the publisher.
