Mazagon Dock announces 1:2 stock split, declares interim interim dividend of ₹23.19; check details

While the company has issued dividends in the past, this is the first time that it is participating in a stock split.

1:2 share split

The company’s board “approved the sub-division or split of existing 1 (one) equity share of face value of ₹10/- (Rupees ten only) each fully paid up into 2 (two) equity shares of face value of ₹ 5/- (Rupees five only) each fully paid up, subject to shareholders' approval.”

MDL stated in a regulatory filing on the NSE that the record date for the split will be decided after obtaining approval from shareholders through the process of postal ballot electronic voting process and will be intimated in due time.

Interim dividend

The shipbuilder also declared an interim dividend of ₹23.19 per share of ₹10 each “fully fully paid-up for the financial year 2024-25,” the company said in its regulatory filing.

In an exchange filing dated October 17, the company had set Wednesday, October 30, as the record date for dividend payment for the financial year 2024-25 “if declared by the Board.”

The company had declared a final dividend of ₹12.11 apiece for the financial year 2024 earlier this year.

The shares of the company closed at ₹4,158.35 apiece on the NSE, down 10.89% on Tuesday.

On the BSE, the stock closed at ₹₹4,118.35, a decrease of 10.84%.

The company witnessed its 52-week high of ₹5,860 on July 5, 2024, and a 52-week low of ₹1,742 on October 26, 2023.

The ship-builder has a total market capitalisation of ₹86,061.12 crore as of October 22, 2024.

MDL is a home-grown shipbuilding company founded in 1934. Headquartered in Mumbai, it has around 47% stake in Goa Shipyard Ltd.

Operating under the administrative jurisdiction of the Ministry of Defence, Government of India, the company specialises in the defence sector and has produced a total of 801 vessels, including twenty-seven warships and seven submarines. Furthermore, the company has also delivered a diverse range of vessels, from cargo and passenger vehicles to water tankers and fishing trawlers, for clients from India and abroad.