APL Apollo Tubes to Trade 250% Ex-Dividend on Sept 1, Hits Record High

  • Investing.com
  • Stock Market News
APL Apollo Tubes to Trade 250% Ex-Dividend on Sept 1, Hits Record High

By Malvika Gurung

Investing.com -- India’s largest structural steel tubes producer APL Apollo (NS: APLA ) Tubes will remain under focus this week as its shares are set to turn ex-dividend for a dividend of 250% for the financial year ended March 31, 2023.

According to Investing.com's ‘Dividend Calendar’, the steel manufacturing stock will begin trading ex-dividend on Friday, September 1, 2023.

The Board of Directors of APL Apollo Tubes, recommended a final dividend of Rs 5 per equity share on  27,73,30,814 fully paid equity shares of Rs 2 each, translating to 250% for the financial year 2022-23.

The corporate reward is subject to the approval of the steel pipes company’s shareholders at its 38th Annual General Meeting (AGM) scheduled to be held on Saturday, September 9, 2023, through video conferencing.

The mid-cap company’s Board has set the record date for determining shareholders of the company eligible for the aforementioned dividend as Saturday, September 2, 2023.

The final dividend, if approved at the ensuing AGM, will be paid to those eligible after September 9, 2023.

Shares of APL Apollo Tubes surged 3.22% on Friday and hit a new all-time high of Rs 1,709 apiece in the session, gaining for the fourth day in a row.

The stock has jumped 11.34% in these four trading days and has shot up 55.2% so far in the calendar year 2023.

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