The board of Housing and Urban Development Corporation (HUDCO) Ltd. has declared an interim dividend of ₹1.5 per share for financial year 2024, it said in an exchange filing.
Record date for the interim dividend has been fixed as March 29, 2024.
Additionally, the board has also approved raising funds to the tune of ₹40,000 crore via bonds and debentures for financial year 2025, subject to the actual fund requirement.
HUDCO's board has also approved an increase in the company's overall borrowing limit to ₹1.5 lakh crore from the earlier limit of ₹1 lakh crore. This will be subject to approval by the company's shareholders.
Payment of the interim dividend will be completed within 30 days of declaration, HUDCO's exchange filing stated.
In September last year, HUDCO had declared a final dividend of ₹3.1 per share.
Shares of HUDCO are trading 0.8% lower at ₹175.75. The stock has risen 294% over the last 12 months. The stock is trading at a current year price-to-earnings multiple of 20.63x. This is well above the stock's five-year average price-to-earnings multiple of 8 times.
On a price-to-book basis, the stock is trading at 2.27 times for the current year, compared to its five-year average of 0.6 times.
In October last year, the government had sold a 7% stake in HUDCO through an Offer for Sale (OFS). As of December 31, the government holds 75.17% stake in HUDCO.
First Published: Mar 20, 2024 2:45 PM IST
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