HDFC and HDFC Bank are to trade ex-dividend today, May 16; Know record date and other details
HDFC Twins Turn Ex-Dividend Today: HDFC and HDFC Bank are to trade ex-dividend today, May 16. HDFC Bank’s board of directors have recommended a final dividend of 1900% at Rs 19 per share with face value of Re 1. Mortgage lender HDFC announced an interim dividend of 2200% at Rs 44 per equity share with a face value of Rs 2.
The ex-dividend date is the day when the price of the equity shares of a company gets adjusted for the dividend payout.
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HDFC slipped 2 per cent to Rs 2,732, while, HDFC Bank was down 1 per cent at Rs 1,653.55 on the BSE in intra-day trade. In comparison, the S&P BSE Sensex was down marginally by 0.02 per cent at 62,331.21 at 09:52 AM.
HDFC
The board of HDFC at their meeting held on May 4, 2023 declared an interim dividend of Rs 44 per equity share of face value of Rs 2 each for the financial year ended March 31, 2023 (FY23).
The record date for determining the shareholders entitled to the interim dividend for FY23, as approved by the board shall be Tuesday, May 16, 2023, HDFC had said. The company further said dividend will be paid June 1, 2023 onwards.
The FY23 dividend payment is the highest by HDFC since June 2001.
In the previous fiscal FY22, the dividend payment was 1500% at ₹30 per share; and in FY21, the dividend paid was to the tune of 1150% at ₹23 per share. In FY20, the NBFC player paid a dividend of 1050% aggregating to ₹21 per share.
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At the current market price, HDFC’s annual dividend yield is at 1.08%.
HDFC Bank
Leading private sector lender, HDFC Bank in April month recommended a dividend of 1,900% aggregating to ₹19 per equity share from the profits of the fiscal year FY23. The dividends are subject to the approval of the shareholders at the ensuing annual general meeting (AGM) of the bank.
The bank further fixed May 16 as the record to determine the eligibility of members entitled to receive the dividend on equity shares.
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As per the regulatory filing, if approved by shareholders, the bank plans to pay dividends after the AGM to those investors whose names appear in the Bank’s Register of Members/ Register of Beneficial Owners maintained by the Depositories viz., National Securities Depository Limited and Central Depository Services (India) Limited as at the close of business hours on Tuesday, May 16, 2023.
The latest dividend is high by 22.58% compared to the dividend paid in the previous fiscal. In FY22, the bank paid a dividend of ₹15.50 per equity share (1550%) to shareholders.
At the current market price, HDFC Bank’s annual dividend yield is at 1.13%.
