The board of Indian Metals and Ferro Alloys will hold a meeting on March 29 to consider a special dividend for financial year 2024, it said in an exchange filing.
Record date for the special dividend has been fixed as April 8, 2024.
Indian Metals & Ferro Alloys had declared an interim dividend of ₹7.5 in November last year, following a ₹5 payout in July.
The highest dividend declared by the company, based on information available on the exchanges was in July 2018 at ₹10 per share.
Along with the dividends, the company also declared a 1:1 bonus issue of equity shares in January 2022, meaning it issued one free share for every one share held by shareholders.
In an interaction with CNBC-TV18 on January 31 this year, Subhrakant Panda of Indian Metals & Ferro Alloys said that the company is looking to ramp-up production in financial year 2025 and that they are confident of maintaining margins in the upcoming financial year.
Shares of Indian Metals and Ferro Alloys ended 5% higher on Friday at ₹619. The stock is still 10% away from its January 31 peak of ₹687.65. The stock has risen 109% over the last 12 months.
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