Bombay Burmah to receive Rs 877 crore as interim dividend from Britannia Industries - shares jump 5%

Bombay Burmah will receive a total amount of Rs 877 crore in dividend, on account of Britannia Industries’ interim dividend announcement.

Bombay Burmah is a leading firm of the Wadia Group, which has interests in plantations, foods, textiles, chemicals, electronics and light engineering, health care, and real estate.

Its market capitalisation stands at Rs 6,000 crore and it owns a stake worth Rs 53,000 crore in Britannia Industries.

In February, Bombay Burmah’s board decided to divest eight of its coffee estates known as ‘Elkhill Estates’ to the Ramapuram Group-owned Orange County Resorts and Hotels for Rs 291 crore.

Further, Britannia’s dividend payout follows a 49 percent stake sale in its wholly-owned subsidiary Britannia Dairy, as part of its joint venture agreement with the French company Bel SA for an amount of Rs 262 crore, last year in November.

Shares of Bombay Burmah are trading 4.8 percent higher at Rs 872.2. The stock is still down 6.7 percent on a year-to-date basis.