Multibagger Defense PSU, Major Mazagon Dock Shipbuilders, Announces Share Split and Interim Dividend: Check Details

Leading PSU defense shipbuilder Mazagon Dock in its board meeting held today (October 22, 2024) announced a 1:2 stock split. Accordingly, the company will split one share with a face value of Rs 10 into two shares with a face value of Rs 5, subject to shareholder approval.

“The registration date for the purpose of the above subdivision/split will be decided after obtaining approval of the subdivision/split from shareholders through the electronic voting process by postal vote and will be informed in due course,” the company representative said. filing in exchanges.

For those who don’t know, stock split in simple terms is a decision made by the board of directors of a company to divide its existing shares into multiple shares. Simply put, the process of dividing outstanding shares into smaller shares is known as a stock split.

This is the company’s first share split decided for the reasons specified below:

– To comply with DIPAM guidelines on capital restructuring

-Encourage broader participation from retail investors

– Increase the liquidity of the company’s shares

At the same time, the company also announced an interim dividend of Rs 23.19 per share of Rs. 10 each fully paid for the financial year 2024-25. Regarding the same, the company had already given the registration date as October 30. This means that shareholders who will hold Mazagon Dock shares on the date of record in their demat account will be entitled to receive the dividend.

Furthermore, the dividend of the said interim dividend for fiscal year 2025 will be completed on or before November 20, 2024

Mazagon Dock Shipbuilders share price

Ahead of today’s board meeting, shares of the state-run entity ended nearly 11% lower at Rs 4,159.95 apiece on the BSE. Last year’s stocks generated a 100% return.