850% DIVIDEND PAYOUT ANNOUNCED BY MANYAVAR OWNER
Rs 8.50 Dividend Per Share: Vedant Fashions, which runs clothing brand Manyavar, has announced a whopping 850 per cent dividend payout on each stock to its investors. The specialty retail made the announcement in its quarterly results (Q4FY24).
A dividend is a reward that a company pays to its shareholders for their investment in the business. A dividend is usually paid in cash from earnings.
A dividend is always calculated and paid on the face value of each stock. The current face value of each stock of Vedant Fashions is Re 1. Accordingly, the 850 per cent dividend translates into a payout of Rs 8.50.
"Recommendation of a dividend of Rs 8.50 per fully paid-up equity share of Re 1 each for the financial year ended March 31, 2024," the company said in an exchange filing on April 30 after the market hours.
The dividend, however, is subject to the approval of the shareholders at the ensuing AGM.
Vedant Fashions didn't inform the record date in the latest filing. The record date and payment date will be announced in the due course.
A record date is a day that allows a company to determine the eligibility of shareholders' participation in the next dividend or upcoming corporate action.
Vedant Fashions Q4 Result
Vedant Fashions in the fourth quarter (Q4) reported a 6.3 per cent rise in consolidated net profit at Rs 115.79 crore. The firm had posted a consolidated net profit of Rs 108.86 crore in the same quarter of the last fiscal.
The company's revenue from operations in the reporting quarter stood at Rs 363.15 crore versus Rs 355.06 crore in Q4FY23.
Vedant Fashions Share Price History
Vedant Fashions is a constituent of S&P BSE 200. According to BSE analytics, its shares have corrected 25 per cent in the last one year. The counter has dropped 12 per cent in the last two years.
Vedant Fashions shares on Tuesday closed in the green at Rs 053.05. Its shares have a 52-week range of Rs 1,481.35 - Rs 886.05. The company commands a market cap of Rs 23,168.57 crore.
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