HDFC AMC board approves ₹70 dividend per share for FY24; re-appoints Navneet Munot as MD & CEO

Explaining the rationale behind the decision, the company in the stock filing stated, “Company for the last two financial years has been paying dividend to its shareholders in the month of June, the Board has, accordingly, approved a declaration of Interim Dividend of ₹70/- per equity share of ₹5/- each of the company, for the financial year ended March 31, 2024, instead of the final dividend as proposed earlier.”

The announcement comes amidst a notable performance for the company. The company’s shares have increased by close to 90% in the last year. Whereas, for the last six months, the stock has registered a notable gain of 25.75% underlying the company’s growth trajectory in volatile market conditions.

Alongside the declaration of dividend, the company re-organised the leadership team. Navneet Munot has been re-appointed as the Managing Director & CEO of the company. Sonali Chandak replaces Sylvia Furtado as she tenders her resignation from the post of Company Secretary and Compliance Officer.

The shares of HDFC Asset Management Company Limited closed 2.11% higher at ₹3,840 apiece on the NSE.