The board of Muthoot Finance Ltd. has approved an interim dividend of Rs 22 per share with a face value of Rs 10 for the current financial year. The company paid an interim dividend of Rs 20 during the previous fiscal.
The record date for the dividend has been fixed at April 18, the company said in its exchange filings.
The finance and insurance company will have an outgo of Rs 883.19 crore from the payout, according to an exchange filing. The dividend will be paid to the shareholders within 30 days from the date of declaration.
"We are glad to announce the interim dividend today. The announcement of an interim dividend reflects the steady business performance and positive growth outlook witnessed by the company," George Alexander Muthoot, managing director at Muthoot Finance, said.
Shares of the company closed 3.09% higher at Rs 1,020 apiece on Thursday, compared with a 0.24% gain in the benchmark Nifty 50.
Out of the 23 analysts tracking the company, 14 maintain a 'buy' rating, five recommend a 'hold,' and four suggest a 'sell' on the stock, as per the Bloomberg data. The 12-month consensus price target implies an upside of 18.4%.
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