HDFC Subsidiary to Pay Highest Dividend in 5 Years, Record Date Ahead

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HDFC Subsidiary to Pay Highest Dividend in 5 Years, Record Date Ahead
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The leading mutual fund investment company HDFC Asset Management (NS: HDFA ) will be under focus this week, as its shares are set to turn ex-dividend for the financial year ended March 31, 2023.

According to Investing.com's ‘Dividend Calendar’, the financial stock is scheduled to turn ex-dividend on Friday, June 9, 2023.

The Board of Directors of HDFC Asset Management had recommended a final dividend of Rs 48 per equity share at a face value of Rs 5 each for the financial year 2022-23 while releasing its earnings for the March ended quarter. 

The dividend is subject to the shareholders' approval at the company’s 24th Annual General Meeting (AGM), scheduled to be held on June 26, 2023.

The record date for determining the eligibility of shareholders entitled to receive the final dividend has been fixed as June 9. 

The subsidiary of HDFC (NS: HDFC ) announced the highest dividend over the past five financial years in FY23.

Its dividend stood at Rs 48/share in FY23, compared to Rs 42 in FY22, Rs 34 in FY21, Rs 28 in FY20 and Rs 24/share in FY19.

HDFC Asset Management’s dividend payout ratio also stood at a five-year high of 72% in FY23.

The stock has gained over 11.5% since May 24, 2023.

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