Kotak Mahindra To Soon Pay Dividend, Record Date Fixed

Kotak Mahindra is one of India's leading banking and financial services groups, offering a wide range of financial services that encompass every sphere of life. Effective April 1, 2015, ING Vysya Bank Ltd. merged with Kotak Mahindra Bank Ltd, according to the official website of Kotak Mahindra.

Earlier this year on May 4, the board of directors of Kotak Bank recommended a dividend of Rs 1.10 per equity share and now the bank has fixed the record date to decide the eligible shareholders to receive the said dividend amount. Check details below:

1. Kotak Mahindra To Pay an Interim Dividend of Rs 1.10 Per Equity Share

According to the BSE filing the board of directors stated about record date, "Pursuant to the provisions of Regulation 42 of the Listing Regulations, Friday, August 12, 2022 has been fixed as the 'Record Date', for the purpose of determining the Members eligible to receive dividend on the equity shares, for the financial year ended March 31, 2022, as recommended by the Board of Directors of the Bank at its Meeting held on May 4, 2022. The dividend, if declared at the AGM, will be paid between Monday, August 29, 2022 and Friday, September 2, 2022 (both days inclusive). Therefore, as per the filing August 12 is the record date for deciding the members eligible to obtain the dividend.

The bank on May 4, 2022, recommended a dividend of 22 % or Rs 1.1 per equity share with a face value of Rs 5 for FY22.

2. Kotak Mahindra Stock Outlook

The current market price of the stock is Rs 1826 apiece. The 52-week high of the stock is Rs 2252 apiece and 52-week low is Rs 1627 apiece. It has a market capitalization of Rs 3,62,619 crore. The stock has given a return of 82% in 5 years and 25% in 3 years.

2. Kotak Mahindra Q1 Results

Private lender Kotak Mahindra Bank on Saturday reported a 26 per cent rise in its net profit to Rs 2,071.15 crore in the first quarter of the current fiscal year assisted by a dip in bad loans. It had posted a net profit of Rs 1,641.92 crore in the same quarter of financial year 2021-22. Total income during the April-June quarter of 2022-23 improved to Rs 8,582.25 crore, from Rs 8,062.81 crore in the same quarter in FY22, Kotak Mahindra Bank said in a regulatory filing, according to a PTI report.

4. About Kotak Mahindra

From launching Kotak Mahindra Finance Ltd. in 1985 to becoming one of the country's most trusted financial institutions today, it's been quite a journey. In 1985, established Kotak Capital Management Finance Ltd focused on Bill Discounting. In 2003, Kotak Mahindra Finance Ltd. becomes India's first non-banking finance company to convert into a commercial bank. In 2014, Merger of ING Vysya Bank with Kotak Mahindra Bank took place, according to the official website of Kotak Mahindra.