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  1. Muthoot Finance board approves interim dividend for FY24, shares edge higher. Details here

Muthoot Finance board approves interim dividend for FY24, shares edge higher. Details here

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2 min read • Updated: May 23, 2024, 1:53 PM

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Summary

The board approval for the dividend comes a week ahead of the release of March 2024 quarter results. The NBFC's board is scheduled to meet on May 30 to consider and approve the release of the standalone and consolidated financial results.

The Kochi-headquartered Muthoot Finance is among the leading gold loan providers
The Kochi-headquartered Muthoot Finance is among the leading gold loan providers

Gold loan issuer Muthoot Finance announced on Thursday that its board of directors has approved an interim dividend of ₹24 per share for financial year 2023-24.

The record date for determining the shareholders eligible to receive the dividend payout has been fixed as June 1, the non-banking finance company (NBFC) said in a regulatory filing.

"Shareholders whose names appear as on close of business hours of June 01, 2024 as beneficial owners as per the list to be furnished by the depositories in respect of the shares held in electronic form, and as members in the register of members of the company in respect of shares held in physical form, would be entitled to receive the interim dividend," the filing stated.

The interim dividend will be paid to the shareholders within 30 days from the date of declaration, the company added.

The board approval for the dividend comes a week ahead of the release of March 2024 quarter results. The NBFC's board is scheduled to meet on May 30 to consider and approve the release of the standalone and consolidated financial results.

Muthoot Finance shares edge higher

Following the announcement related to the interim dividend, Muthoot Finance shares edged higher on the bourses. The scrip was valued at ₹1,718.8 apiece on the National Stock Exchange (NSE) at 1:41 pm, up 0.62% as against the previous day's close.

Year-to-date, the shares have surged by 17.2%, whereas the climb has been sharper at 52.4% in the past one year period.

The NBFC's market capitalisation value has reached ₹69,000 crore.