This week’s record date for the Rs 140 dividend on this auto stock

Bajaj Auto said in its financial announcement for the fourth quarter that concluded on March 31, 2022, that the board had also recommended a dividend of 140 rupees per share of 10 rupees (1,400%), subject to shareholder approval.

The car stock will become ex-dividend on Thursday, one day before its record date, which is set at July 1, 2022, for determining whether stockholders are eligible for dividend payment.

“The Board of Directors has approved/ recommended a dividend at the rate Rs. 140 per share (1400%) of face value of Rs. 10 each on equity shares for the financial year ended 31 March 2022. The said dividend, if declared by the shareholders at the ensuing Annual General Meeting, will be credited/dispatched on or around 30 July 2022,” Bajaj Auto had informed in an exchange filing in April.

If a dividend is announced, it will be paid to equity shareholders whose names are listed as beneficial owners of the shares as of Friday, July 1, 2022—the Record Date set aside for this purpose—on the Company’s Register of Members or in the depositories’ records.

According to the corporation, a total of 4,051 crore would be paid out as dividends. After paying out a dividend of 4,051 crore, the company’s excess cash and cash equivalents as of March 31, 2022, compared to 17,689 crore as of March 31, 2021, was at 19,090 crore.

The board of the locally produced motorcycle and three-wheeler manufacturer will meet on Monday, June 27, 2022 to continue discussing the proposal for the buyback of the company’s fully paid-up equity shares.

After notifying stock markets on June 9 that its board will consider a proposal for the buyback of fully paid-up equity shares at a meeting to be held on Tuesday, June 14, the board of the car major had earlier this month postponed a decision on its proposed share buyback.

India’s top producer of motorbikes and three-wheelers is Bajaj Auto. Shares of Bajaj Auto have increased by more than 18 percent so far in 2022 (YTD), whereas the auto stock has decreased by roughly 8 percent over the past year.