By Malvika Gurung
Investing.com -- India’s largest power generation company Tata Power (NS: TTPW ) will witness its shares turning ex-dividend for a dividend of 200% this week for the financial year ended March 31, 2023.
According to Investing.com's ‘Dividend Calendar’, the Tata Group stock is set to turn ex-dividend on Wednesday, June 7, 2023.
The Board of Directors of Tata Power recommended a dividend of Rs 2 per equity share of Re 1 each, translating to a 200% dividend 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 104th Annual General Meeting (AGM), scheduled to be held on June 19, 2023.
The record date for determining the eligibility of shareholders entitled to receive the dividend has been fixed as June 7, 2023, and shall be paid on and from June 21, 2023.
Indian Hotels’ Register of Members and the Share Transfer Books will remain closed from June 10 to June 16, both days inclusive.
The dividend recommended by the large-cap company in FY23 is higher than the dividend declared and paid by Tata Power in FY22 at Rs 1.75/share, amounting to approximately Rs 559 crore for the fiscal year.
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