By Malvika Gurung
Investing.com -- The public sector lender Indian Bank (NS: INBA ) will remain 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 state-owned lender’s stock is set to turn ex-dividend on Monday, June 12, 2023.
The Board of Directors of Indian Bank recommended a dividend of Rs 8.6 per equity share, that is 86% of paid-up equity capital of the bank for the financial year 2022-23.
The dividend is subject to the approval of shareholders at the lender’s 17th Annual General Meeting (AGM) scheduled to be held on June 12, 2023, through Video Conferencing.
The Chennai-headquartered bank’s Board had fixed the record date for determining shareholders eligible for the corporate reward as June 12, 2023.
The book closure will be done from June 13 to June 19, 2023, both days included, in connection with the ensuing AGM and dividend payment, Indian Bank said last month.
The state-owned lender’s shares have declined only once so far in June and have gained 6.22% as on June 9, 2023. In the past one year, Indian Bank’s shares zoomed 74.5%.
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