You will see a lot of attention focused on stocks like RITES, which announced that August 8th would be the record date for identifying the shareholders who qualify for the dividend payment. This indicates that the deadline for purchasing these firms’ stock in order to be eligible for the declared dividends is today. The RITES board, earlier in July, announced an interim dividend of Rs 2.5 per share for all of its eligible shareholders, with August 8 designated as the record date.
Record Date For First Interim Dividend
At its meeting on July 31, 2024, the Company’s Board of Directors approved, among other things: First (first) interim dividend of the company to be declared for the fiscal year 2024–2025 at a rate of ₹ 2.50 per share (or 25% of paid-up share capital). Additionally, Thursday, August 8, 2024 has been designated as the record date for the purpose of paying the first interim dividend for the Financial Year 2024–2025. On the BSE, RITES’s shares ended the day unchanged at Rs 689.
Other businesses, such as Ecoplast Ltd. and Selmatic India, have also set August 8 as the record date for their last dividend payments, which are Rs. 3 and Rs. 1.10 per share, respectively, to their eligible shareholders. The date on which the corporation determines which shareholders are qualified to accept the offer is known as the record date. The shares must be in the demat account on the record date in order to qualify for a buyback offer, bonus issue, or stock split.
June Quarter Results
While announcing the June quarter results, the board of directors of Navratna PSU RITES approved a bonus issue in the ratio of 1:1 and the first interim dividend of Rs 2.50 per share for FY25 for its eligible shareholders. Bonus problem According to the announcement made by the RITES board, its shareholders would get a 1:1 bonus share, meaning that for every share of the company that they now own, they will receive a bonus share.
Bonus shares will be issued by the company to its shareholders in a ratio of 1:1, meaning that for every one existing equity share of Rs. 10/-that is fully paid up, the company will issue one bonus equity share of Rs. 10/-to the eligible members. This will be done by capitalizing a maximum of Rs. 240,30,18,870.00 from the amount that stands to the credit of the Capital Redemption Reserve and Free Reserves, subject to the approval of the shareholders.
Regarding share capital, after the bonus issuance, 24.03 crore shares, or Rs 240.30 crore, will become 48.06 crore shares, or Rs 480.60 crore. RITES reported a 24.4% YoY fall in profit after tax (PAT) to Rs 90 crore from Rs 120 crore for the quarter ended June 2024. Compared to the same quarter in the prior year, when the company’s revenue from operations was Rs 544 crore, it was only Rs 486 crore in the first quarter of FY25. Comparing this to the previous year, there was a decline of almost 11%.
