LIC Backed Debt Free Stock Sets Record Date For Rs 22 Per Share Dividend

UTI Asset Management Company (AMC) is a mid-cap company that deals in the financial services sector. UTI AMC has been in charge of managing assets for many companies. These include assets for alternative investments, international business, retirement solutions, domestic mutual funds, and portfolio management services.

The company has declared a final dividend of Rs 22 per share for FY23 and in order to determine the eligibility of the shareholders for the purpose of the same the company has finalized record date.

"The Board of Directors of the Company had, in its meeting held on 26th April, 2023, recommended a final dividend for the FY 2022-23 of Rs 22 (Rupees Twenty Two only) per equity share, subject to the approval of the members at the 20th AGM. In terms of Section 91 of the Act and Regulation 42 of the SEBI Listing Regulations, the register of members and share transfer books of the Company will remain closed from Wednesday, the 19th July, 2023 to Tuesday, the 25th July, 2023 (both days inclusive) for determining the entitlement of the final dividend to the members.

The final dividend shall be paid, subject to the approval of members at the 20th AGM, to those members: a. whose name appears in the list of beneficial owners to be furnished by the Depositories in respect of the equity shares held in electronic form as at the end of business hours on Tuesday, the 18th July, 2023; and b. whose name appears as members in the Company's register of members maintained by the Registrar and Share Transfer Agent of the Company on Tuesday, the 18th July, 2023," said UTI AMC in a stock exchange filing.

In the fourth quarter of the financial year (FY) 2023, UTI Asset Management Company (AMC) recorded a net profit of Rs 86 crore, a 60% year-on-year (YoY) rise compared to Rs 54 crore in the corresponding period of FY22. From Rs 305 crore in Q4FY22, the revenue from operations stayed at Rs 309 crore for Q4FY23. The net profit for the entire fiscal year 2023 dropped by 18% to Rs. 440 crore whereas sales fell 4% to Rs 1,267 crore.

The shares of UTI AMC opened today on the BSE at Rs 785.05 apiece. The stock made a 52-week-high of Rs 907.00 on (19/12/2022) and a 52-week-low of Rs 609.50 on (29/03/2023). During Q4FY23, the company reported FIIs stake of 6.06%, DIIs stake of 60.26% and public stake of 33.68%. As per the shareholding pattern of UTI AMC for January to March 2023 quarter, insurance giant LIC held fully paid equity shares of 1,26,65,051 or 9.97% stake in the company.