On Monday, the FMCG’s major Britannia said its board of directors approved the interim dividend amounting to Rs. 83 per share in relation to the current fiscal problem.
The Management Board of the Company decided at the meeting held on 17 August 2020 that the provisional dividend would amount to Rs.83 per share of face value equity, Rs.1 per share for the term of the financial year 2020-21.
The date reported determining the shareholders’ right to pay the interim dividend was set at 27 August 2020. In other words Rs. 1,997 crore will be shelled as a dividend and Rs. 1,011 crore will come from the investor and the remainder from the public shareholder.
For the June quarter of this year the firm had reported a double increase in the consolidated earnings at Rs. 542.68 crores, up 26.97 percent to Rs. 3,514.35.
Britannia also stated that its board has approved a total of Rs.41.50 per share of the equity of a facial value of Rs.1, each subject to the relevant tax laws at the relevant time, by a bonus for the members of the company-under an arrangement scheme. ̈Their board of directors approved the issue of unsecured, nonconvertible, redeemable, fully pay-up debentures, and the appropriate cash element.
The Board approved also, as decided, the issue of non- convertible, redeemable, and fully paid debentures, together with a cash component of Rs. 41.50 per share.
Britannia reported in a separate filing that the board of directors of the company agreed on a rise from Rs.800 crore to Rs.1,279 crore to emit the cap for commercial paper.
After its June Quarter earnings beat estimates, the brokerage had raised their price targets for Britannia Industries. NSE – 0.90% increased Britannia industry price target to Rs.4,500 (Rs. 3,960 previous) Brokerage firm Emkay Global Financial Services NSE -0.9%.
“The interim dividend entitlement registry was fixed on 27 August 2020 and it is proposed that the provisional dividend be paid to shareholders, subject to deductions or with-holdings in respect of the acceptable taxes,” Britannia stated in the regulatory document.
Britannia shares traded at a rate of Rs.3879.95 higher on BSE by 2.07 percent.
