Rs 13/Share Dividend By IT Stock: Big Update Announced Ahead of Record Date On 27th July; Do You Own?

With a market valuation of Rs 2,670 Cr, Sasken Technologies Ltd. is a small-cap IT company. On Friday, it closed 2.90% higher at Rs 1783.45 on the BSE following the Board of Directors' major announcement for resident shareholders regarding a dividend of Rs 13 per share, for which the record date is July 27. Sasken is a product engineering and digital transformation expert who offers concept-to-market and chip-to-cognition R&D services to major players in the automotive, semiconductor, automotive industry, smart devices and wearables, enterprise-grade devices, satcom, and transportation sectors.

"The Board in their meeting held on October 20, 2023 has declared Rs 12 per share as the interim dividend for the year ended March 31, 2024, which resulted in cash out flow of Rs 1,806.10 lakhs. The Board in their meeting held on May 7, 2024 has recommended Rs 13 per share as final dividend for the year ended March 31, 2024. The payment is subject to shareholders' approval in the ensuing Annual General Meeting, if approved it would result in net cash outflow of Rs 1,960.13 lakhs. The total dividend for the year ended March 31, 2024 would be Rs 25 per share (including interim dividend of Rs 12 per share) (March 31, 2023 : Rs 25 per share)," said the company in a regulatory filing.

"Shareholders may note that the Board, at its meeting held on May 7, 2024, has recommended a final dividend of Rs 13 per equity share for the financial year 2023-24. The book closure date for the purpose of final dividend for the financial year 2023-24 is Saturday, July 27, 2024. The final dividend, once approved by the shareholders in the ensuing AGM, will be paid on or before Wednesday, August 28, 2024, electronically through various online transfer modes to those members who have updated their bank account details. The Register of Members and Share Transfer Books will remain closed on Saturday, July 27, 2024 for determining the list of shareholders eligible for final dividend on equity shares, if declared at the AGM," Sasken Technologies informed to stock exchanges.

The 36th AGM of the company will be held on Wednesday, July 31, 2024. In order to determine a shareholder's eligibility for the final dividend on equity shares, if declared at the AGM, the Register of Members and Share Transfer Books will stay closed on Saturday, July 27, 2024.

Regarding an important note for resident shareholders, the company said in a stock exchange filing that "SEBI vide its circular dated November 3, 2021 (subsequently amended by circulars dated December 14, 2021, March 16, 2023 and November 17, 2023) has mandated that effective April 1, 2024 dividend to shareholders holding shares in physical form shall be paid only through electronic mode. Such payment shall be made only if the folio is KYC complaint i.e. the details of KYC and nominations are updated. In case of non-updation of KYC and nomination details in physical folios, dividend shall be paid only upon furnishing all the details."