HDFC AMC announces dividend of Rs 70 per share

7 Jun 2024 , 10:51 AM

HDFC AMC shares are trading flat on Friday, having given up their gains following a bullish opening. India’s largest asset management company declared an interim dividend of ₹70 per share during a board meeting on Friday.

At around 10.33 AM, HDFC AMC was trading 0.53% higher at ₹3,780.60 per piece, against the previous close of ₹3,760.50 on NSE. The counter touched an intraday high and low of ₹3,800, and ₹3,735.45, respectively.

The business stated that this contradicts the final payout that the company was expected to first discuss at today’s board meeting.

This is HDFC AMC’s largest dividend payout in trading history. The company was listed on stock exchanges in 2018.

Last year, the firm declared a dividend of ₹48 per share, following a ₹42 per share distribution in 2022. The company announced dividends of ₹34 in 2021, ₹28 in 2020, and ₹12 in March and July 2019, respectively.

HDFC AMC has selected June 18, 2024, as the record date for this dividend payout. The dividend will be paid to qualified shareholders on or before June 30, 2024.

In addition, the company said that it has reappointed Navneet Munot as Managing Director and CEO for another five-year term. This will take effect in July 2024 and will continue until June 2029.

The stock has gained 16.6% so far in 2024. Over the past year, the stock has nearly doubled, climbing 88%.

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