Rs 6.65/Share Dividend: Multibagger Stock Trading Below Rs 500 To Turn Ex-Dividend For 332.5% Dividend Payout

India's leading city gas distribution (CGD) company, Gujarat Gas is set to turn ex-dividend on September 11 for a dividend payout of 332.5% to shareholders. In 5 years, this midcap stock has emerged as a multibagger by skyrocketing over 225% on BSE.

As per the regulatory filing, Gujarat Gas fixed Monday, 11th September, 2023as "Record Date" for determining entitlement of Final Dividend of Rs 6.65/- (i.e. 332.5%) per Share for the Financial Year ended on 31st March, 2023.

The 332.5% dividend will be paid on 68,83,90,125 equity shares for the Financial Year 2022-23.

The company will pay the dividend benefits through electronic mode to the shareholders who have updated their bank details. Dividend Warrants/Demand drafts will be dispatched to the registered address of the Shareholders who have not updated their bank details.

It informed shareholders that members holding shares in Demat Form are hereby informed that bank particulars registered with their respective Depository Participants, with whom they maintain their Demat accounts, will be used by the Company for the payment of dividend.

The Rs 6.65 dividend per share if approved by the shareholders at the 11th Annual General Meeting will be paid on or before 28th October, 2023.

Notably, the latest dividend payout is 232.5% higher than FY22 wherein dividend payout was Rs 2 per share.

On BSE, Gujarat Gas share price ended at Rs 464.40 apiece marginally up on Friday compared to the previous closing price of Rs 463.20 apiece. The company's market cap is around Rs 31,968.84 crore as of September 8, 2023.

Gujarat Gas Limited (GGL) is India's largest City Gas Distribution (CGD) Company in terms of sales volume operating in 44 districts in 6 states of Gujarat, Maharashtra, Rajasthan, Haryana, Punjab & Madhya Pradesh and 1 Union territory of Dadra & Nagar Haveli.

Further, GGL continues to hold the leadership position in CGD industry in terms of size and scale of operation, with around 19.30 lakh households, over 14,500 commercial customers, 800+ CNG stations, 4,335 industrial units and more than 36,000 kilometre of natural gas pipeline network. The company is distributing approx. 9.2 mmscmd of natural gas.