Asian Paints Declares Highest Dividend In Nearly 12 Years
The dividend, if approved by the shareholders, will be paid on or after June 27.
Asian Paints Ltd.'s board of directors has recommended a final dividend of Rs 28.15 per equity share of the face value of Re 1 for financial year 2024, subject to the approval of the shareholders at its ensuing 78th annual general meeting, according to an exchange filing on Thursday.
The total dividend for the fiscal aggregates to Rs 33.30 per equity share of the face value of Re 1, including the interim dividend of Rs 5.15 per equity share that was approved by the board on Oct. 26.
The last highest dividend was announced on June 7, 2012, of Rs 30.5 apiece.
The company has fixed June 11 as the record date for determining the entitlement of members to the final dividend. The dividend, if approved by the shareholders, will be paid on or after June 27.
Asian Paints fourth-quarter profit rose, beating analysts' estimates, led by decorative paints and non-automotive industrial businesses, while margin continued to expand as it benefited from softening raw-material costs.
Shares of Asian Paints were trading 4.51% lower on the BSE after the results were announced, compared with a 1.32% decline in the benchmark Sensex at 3 p.m.
