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Special dividends are an award for investors that is given out in special cases. Usually this one time payment is abnormally higher than the regular interim and final dividend payments. Special dividend also called as extra dividend is hence a non-recurring dividend pay-out.
Typical reasons when the company may declare special dividend include:
1. To commemorate some milestone.
2. When the company realises exceptionally high earnings for a period or so
3. Sale of subsidiary, business spin-off etc.
Likewise, here is one lesser known company stock that shall turn ex-dividend for its special dividend announcement.
About the company that goes ex-dividend for its special dividend announcement
Indian Card Clothing company
This is a small cap-textiles machinery segment stock. The company is mainly into manufacturing and marketing of card clothing. Founded in the year 1955, the company was initially a joint venture between Carclo Engineering Group and English Card Clothing, ICC currently has a line of Card Upgrade products.
ICC's special dividend announcement and other details:
On May 3, the company announced a special dividend and in the exchange filing informed that the company has "declared Special Interim Dividend of Rs. 25/- per equity share of Rs. 10/- each to be paid as
Special Interim Dividend for the financial year 2021-22.
2) fixed May 13, 2022 as the Cut-off Date ("Record Date") for the purpose of payment of
Interim Dividend for the financial year 2021-22.
Likewise, the stock for the aforementioned dividend shall turn ex-dividend on May 12, 2022.
ICC financial results
In the December quarter results, the company's total income from operations had been at Rs. 15.25 crore as against Rs. 12.40 crore in the same quarter a year ago. Also, from the net losses incurred during the last 2 quarters, the company moved to be a profitable concern in the period mentioned with net profit to the tune of 0.62 crore.
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