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Britannia To Issue Bonus Debentures And Rs. 12.5/Per Share Dividend Payment

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Food processing industry company Britannia on Monday (October 5, 2020) said that its board has approved issuance of bonus debentures as well as dividend in such unprecedented times to its investors.

Britannia To Issue Bonus Debentures And Rs. 12.5/Per Share Dividend Payment
 

On Monday in its meet the company allowed the issuance of a NCD i.e fully paid up and redeemable of the face value of Rs 29 by way of "bonus to the Members of the Company" for one paid-up equity share of face value of Re 1 .. each by utilising its accumulated profits".

Payment of dividend of Rs. 12.50 (Rupees Twelve and Fifty Paise) per every 1 (one) fully

paid‐up equity share of face value of Re. 1 (Rupee One) each by utilizing its accumulated

profits.

The company's rationale on the decision is that it realizes its capacity of generating huge cash flow. And also as the accumulated profits have been more than that needed to fund growth "the company is of the view that these excess funds can be optimally utilised to reward its members in such difficult and unprecedented times by way of distribution".

Accordingly, the company "has proposed, to distribute such funds amongst its members, by means of fully paid up bonus debentures and distribution of dividend through a scheme of arrangement with its members", it added.

Also, given the current uncertain landscape company shall also be maintaining liquidity at the company. Shares of Britannia on Monday closed somewhat near its 52-week high price. And in all probability if market sentiments continue to hold up, this level of Rs. 4015 per share on the BSE can be breached today and the biscuit to dairy products major may hit another record high.

GoodReturns.in

Read more about: britannia debenture dividend
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