Corporate Actions This Week — SBI Cards, IGI, Power Finance Corp And Nava
The week starting Feb. 24 will see multiple corporate actions, with companies such as SBI Cards and Payment Services Ltd., International Gemmological Institute India Ltd., and Power Finance Corp. Ltd. declaring interim dividends, while Nava Ltd. has announced a share buyback program.
To be eligible for dividends, investors should note the record date that determines shareholder eligibility. Under India's T+1 settlement cycle, shares purchased on the record date itself will not qualify for the dividend payment. The ex-dividend date, which precedes the record date, marks when the share price adjusts to reflect the upcoming payout.
A share buyback, or repurchase, allows a company to buy back its own shares from the open market or existing shareholders, reducing the number of outstanding shares.
SBI Cards and Payment Services
SBI Cards has declared an interim dividend of Rs 2.5 per share for the financial year 2024-25. The record date for determining shareholder eligibility is set for Feb. 25. The dividend will be credited on or before March 18.
International Gemmological Institute
International Gemmological Institute India Ltd. has declared an interim dividend of Rs 2.44 per share for the financial year 2024-25. The record date for determining eligible shareholders is Feb. 28.
Power Finance Corp.
Power Finance Corp. has announced its third interim dividend of Rs 3.50 per share for the financial year 2024-25. The record date for eligibility is Feb. 28, with payment scheduled on or before March 11.
Nava
Nava has announced a buyback programme worth Rs 360 crore. The board has approved repurchasing 72 lakh shares at Rs 500 per share, representing 2.48% of its equity. The record date for determining eligible shareholders is Feb. 28. The buyback, which will be conducted through the tender offer route, is being managed by Anand Rathi Advisors Ltd.
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