HDFC AMC, a prominent asset management company under the HDFC Group, made a significant announcement on the last trading day of the week, unveiling an interim dividend for its shareholders.
The decision was made by the company’s board during its recent meeting, marking a noteworthy event as it signifies the largest dividend payout since the company’s listing in 2018.
Record Date and Dividend Details
The interim dividend declared by HDFC AMC amounts to Rs 70 per share for the financial year 2024. Alongside this announcement, the company revealed the record date for the dividend distribution, set for Tuesday, June 18, 2024.
Shareholders can anticipate the dividend credited to their accounts by June 30, 2024. This dividend is issued at a face value of Rs 5 per share.
Furthermore, the approval for this dividend distribution will be sought during the Annual General Meeting (AGM) scheduled for July 25.
Insight into HDFC AMC’s Dividend History
Reviewing HDFC AMC’s dividend history provides insights into its commitment to shareholder returns. Last year, the company disbursed a dividend of Rs 48 per share.
In 2022, shareholders received Rs 42 per share, while in 2021, the dividend stood at Rs 34 per share.
Notably, in 2020, HDFC AMC announced a dividend of Rs 28 per share, and in both March and July 2019, shareholders enjoyed a dividend of Rs 12 per share.
Reappointment of Navneet Munot as MD and CEO
In conjunction with the dividend declaration, HDFC AMC also confirmed the reappointment of Navneet Munot as its Managing Director and Chief Executive Officer.
Navneet is set to serve in this capacity for a full term of five years, from June 1, 2024, to June 30, 2024, ensuring continuity in leadership for the company’s strategic direction and growth
