Tech Mahindra declares special dividend of ₹18 per share, fixes record date

Country’s fifth largest IT exporter firm Tech Mahindra on Tuesday declared a special dividend of ₹18 per equity share of ₹5 each. On Tuesday the IT major also presented its quarterly and half-yearly result for the period ending September 30, 2022.

The company has fixed November 10 as the record date to determine the eligible shareholders for dividend benefit. Tech Mahindra plans to pay the special dividend on November 24, 2022.

The Board of Directors at its meeting held on November 1, 2022, has declared a Special Dividend of ₹18 per equity share on face value of ₹5/- each i.e. 360% of the face value,” said the company’s in its regulatory filing.

“The Special dividend shall be paid on Thursday, 24 th November, 2022 to equity shareholders of the Company whose names appear on the Register of Members of the Company or in the records of Depositories as beneficial owners of the shares as on Thursday, 10th November, 2022,” it added.

IT services provider Tech Mahindra on Tuesday reported a 4 percent year-on-year fall in consolidated net profit at ₹1,285 crore for the quarter ended September 30. Consolidated revenue from operations for the second quarter of the financial year 2022-23 came in at ₹13,129.5 crore, up 3.3 percent sequentially and 20.6 percent year-on-year. Revenue stood at ₹10,881.3 crore in the same quarter last fiscal.

On BSE, Tech Mahindra shares rose 0.77 per cent to close at ₹1071.65 apiece. The company’s market cap is around ₹1,04,298.49 crore.

Currently, Tech Mahindra has a dividend yield of around 4.2 per cent. The company has a strong track record of distributing dividends to its shareholders.

For the year ending March 2022 Tech Mahindra has declared an equity dividend of 900.00 per cent amounting to ₹45 per share.

There are five important dates for dividends:

1. Declaration date: On this day, the board of directors of the company approves the dividend rate per equity share.

2. Record date: This date is also proposed by the company’s board to identify the names of eligible shareholders for dividend benefits. All the shareholders whose name appears in the company’s list by the end of the record date will be eligible to receive dividends. Usually, a minimum gap of 5 clear working days is needed between the declaration date and the record date.

The record date fixed by Tech Mahindra is 10 November, 2022.

3. Cum Dividend Date: This is the last date to buy shares to be eligible to receive a dividend. This date is one day prior to the ex-dividend date and two days before the record date.

4.Ex-dividend date: This day the price of the equity shares of a company gets adjusted for the dividend payout. It is one working day before the record date. Tech Mahindra ex-dividend date would be November 9.

5. Payment date: This date is the actual day when a listed company completes its dividend payout to eligible shareholders. The payment of dividends is usually completed within 30 days of its approval.

With Thanks Reference to: https://www.livemint.com/market/stock-market-news/tech-mahindra-declares-special-dividend-of-rs-18-per-share-fixes-record-date-11667308059282.html