“The Board declared an interim dividend of Rs 2.75 per equity share of face value of Rs 1 each for the financial year 2024-25 on the entire issued, subscribed and paid-up share capital,” the company said in a filing.
The interim dividend for the financial year 2024-25 will be paid on and from August 6, 2024, along-with the final dividend for the 15 months’ financial year ended March 2024.
The company has already fixed July 16 as the record date. The dividend will be paid to those members whose names appear on the register of members of the company or on the register of beneficial owners maintained by the depositories as on record date.
Shares of companies usually trade ex-dividend on the day or a day before the record date. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment. An ex-dividend date also dictates which shareholders are eligible to receive the dividend payment.Further, Nestle India’s shareholders have approved for continuation of 4.5% royalty payment to its Swiss parent Nestle. Nearly 99% of the shareholders approved the proposal to continue the current royalty fee payment.Earlier, the company had scrapped the hike in royalty fee to its parent following rejection by the shareholders.About 70.8% of public shareholders voted against the increase. Under Indian regulations, the potential change would be classified as a related party transaction, which means that controlling shareholders were not allowed to vote.
In the recent March quarter, Nestle India reported a net profit of Rs 934 crore, higher by 27% year-on-year, while revenue from operations increased 9% year-on-year to Rs 5,268 crore.
On Monday, Nestle India shares closed 1% higher at Rs 2,600 on NSE.
