India’s Largest Paint Company Turns 2,125% Ex-Dividend This Week

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India’s Largest Paint Company Turns 2,125% Ex-Dividend This Week
Credit: © Reuters.

By Malvika Gurung

Investing.com -- India’s largest paint maker Asian Paints (NS: ASPN ) will remain under focus this week, as its shares are set to turn ex-dividend for a final dividend of 2,125% for the financial year ended March 31, 2023.

According to Investing.com's ‘Dividend Calendar’, the Nifty50 constituent stock is set to turn ex-dividend on Friday, June 9, 2023.

The Board of Directors of Asian Paints had recommended a final dividend of Rs 21.25 per equity share at a face value of Re 1 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 ensuing 77th Annual General Meeting (AGM).

The record date for determining the eligibility of shareholders entitled to receive the final dividend has been fixed as June 9, 2023, and it shall be paid on or after June 30. 

The market heavyweight has already paid an interim dividend of Rs 4.4/share (440%) in the fiscal year declared on October 31, 2022, and in addition to the aforementioned final dividend, the total dividend for FY23 amounts to Rs 25.65 per share.

This takes Asian Paints’ dividend payout ratio to 60% in FY23.

Further, the mega-cap giant’s total dividend in FY23 is 33.9% higher than that in FY22.

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