Shriram Transport board to consider interim dividend, fund raising on 24 Dec

Shriram Transport board to consider interim dividend, fund raising on 24 Dec

Market


With a market capitalization of Rs. 37,752.38 Cr., Shriram Transport Finance Company Ltd. is a large-cap company that operates as an NBFC in the financial services industry. The largest NBFC in the nation has stated today that its board would consider an interim dividend and fund raising on December 24.

The company has said today in a stock exchange filing that “This is to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Saturday, December 24, 2022, to inter-alia consider: 1. the recommendation of Interim Dividend for Financial year 2022-23. For the purpose of payment of the said interim dividend, if so approved by the Board of Directors, the “Record Date” will be Wednesday, January 4, 2023. 2. review of resource mobilization plan for raising of funds involving issue of redeemable non-convertible debentures/subordinated debentures on private placement basis and other methods of borrowing in ordinary course of business and passing necessary resolutions seeking shareholders’ approval thereto through postal ballot and/or at Extra-Ordinary General Meeting of the Company.”

Shriram Transport Finance Corporation has announced a 200.00% equity dividend, or 20 per share at a face value of 10, for the fiscal year that ended in March 2022. The dividend yield at the current share price of 1,389.50 is 1.43%. The Shriram Group is India’s largest financial corporation, dominating the financial services industries of housing finance, commercial vehicle (CV) financing, retail financing, chit funds, MSME financing, asset management, stockbroking, distribution of financial products, and wealth advisory services. Shriram Transport Finance Company and Shriram City Union Finance have merged to become Shriram Finance Limited (Shriram Finance), which the company said last week has become the largest retail NBFC in India.

The shares of Shriram Transport Finance Company Ltd closed today at 1,389.50 apiece, up by 0.79% from the previous close of 1,378.55. The stock recorded a total volume of 755,612 shares. On a YTD basis, the stock has gained 11.09% so far in 2022. The stock had touched a 52-week-high of 1,509.00 on (25-July-2022) and a 52-week-low of 1,002.00 on (08-March-2022). In Q2FY23, the company reported a promoter shareholding of 25.24% and a public stake of 74.76%.


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