TVS Motor Turns Ex-Dividend: 500% Interim Dividend, Amount, Payment

  • Stock Market News
TVS Motor Turns Ex-Dividend: 500% Interim Dividend, Amount, Payment
Credit: © Reuters.

By Malvika Gurung -- Shares of India’s third largest two-wheeler maker TVS Motor Company (NS: TVSM ) began trading ex-dividend on Thursday, on the record date for its interim dividend of 500% to eligible shareholders for the financial year 2022-23.

The auto manufacturer’s Board of Directors had declared an interim dividend of Rs 5 per equity share on 47,50,87,114 shares of the company for Re 1 each on a fully paid-up basis for FY23, aggregating to a dividend of 500%, while releasing the company’s earnings results for the December quarter.

The company will absorb a total sum of Rs 238 crore through the corporate event for the financial year ending on March 31, 2023. 

TVS Motor’s Board had set the record date for the reward as Feb 2, 2023, and the interim dividend will be credited or paid to all the eligible shareholders on or after Feb 9, 2023.

The auto major announced on Wednesday that its domestic sales grew by 29% in January 2023, and rose by 3% overall to 275,115 units in the month from 266,788 units in Jan 2022.

The electric scooter TVS iQube Electric recorded its highest-ever sales of 12,169 units in January 2023 as against sales of 1,529 units in January 2022.

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