HDFC AMC Board recommends ₹70 per share interim dividend for FY24, check record date

The company’s board of directors at the meeting held on June 7, 2024, approved an interim dividend for FY24 of ₹70 per equity share of ₹5 each, asset management arm of HDFC said in a filing to the stock exchanges.

The financial services company has been paying dividends to its shareholders consecutively for the past two years. The company will pay an interim dividend of ₹70 per share for the financial year 2024, instead of a final dividend which was proposed earlier.

The record date for determining shareholders eligible for the interim dividend has been set at Tuesday, June 18, 2024, while the dividend will be paid to those eligible on or before June 30, 2024.

Further, the company’s board has fixed the date of its 25th Annual General Meeting as Thursday, July 25, 2024.

HDFC AMC has also reappointed Navneet Munot as the company’s Managing Director and Chief Executive Officer for another 5 year period, starting July 1, 2024, once approved by the shareholders of the company at the upcoming AGM next month.

Munot has been the MD and CEO of HDFC Asset Management Company since February 16, 2021, building on the company’s strong foundations of scale, quality and profitability. He also serves as the Chairman of the Association of Mutual Funds in India (AMFI).

Further, the company’s Company Secretary and Compliance Officer Sylvia Furtado has resigned from her post, with effect from July 15, 2024, in order to pursue personal interests after a long corporate stint of more than two decades.

Sonali Chandak has been appointed as the Company Secretary and Head-Legal and Compliance Officer of HDFC AMC, starting the role from July 16, 2024.

Shares of HDFC AMC Ltd closed 2.11% higher at ₹3,840 apiece on the NSE.