PFC Interim Dividend, Nava Buyback: Last Day To Buy Shares To Qualify — Details Here
Shares of Power Finance Corp. and International Gemmological Institute India Ltd. will be of interest on Thursday, as the day marks the last session for investors to buy shares to qualify for receiving interim dividend before the stock goes ex/record-date.
The record date determines the eligible shareholders, who will receive the dividend payment. The ex-dividend date, which mostly coincides with the record date, marks when the share price adjusts to reflect the upcoming payout.
Earlier this month, Power Finance Corp.'s board declared an interim dividend of Rs 3.5 per share for the financial year 2025. To determine the shareholders eligible for the dividend payout, the board has fixed a record date of Feb. 28, with payments beginning on March 11.
Given India's T+1 settlement cycle, shares purchased on the record date (Feb. 28 in this case) will not be eligible for the dividend payment. Therefore, investors who own shares by Feb. 27 will be the beneficiaries.
Through the second interim dividend, PFC will pay shareholders nearly Rs 1,155 crore. The company is a 'Maharatna' public sector undertaking that provides financial services for India's power sector.
International Gemmological Institute India has announced an interim dividend of Rs 2.44 per share.
Dividends are a way for companies to reward their shareholders.
Nava Buyback
Nava Ltd., a ferro-alloys manufacturer, last week announced a Rs 360-crore share buyback program. The company will repurchase 72 lakh shares, representing 2.48% of its equity, at Rs 500 per share through a tender offer.
The record date for determining shareholder eligibility is Feb. 28.
Notably, promoter entities, holding 48.89% of the company, will not participate in the buyback. Foreign institutional investors hold 12.31% of Nava Ltd.'s shares, while mutual funds hold 0.17%, and retail investors hold 32.99%.
The buyback offer of Rs 500 is a nearly 21% premium to Tuesday's closing price of Rs 414.25 on the NSE.
Investors will also eye Jindal Worldwide Ltd., which will trade ex/record-date for its 4:1 bonus issue on Friday. Shareholders on the company's list as of market close on Thursday will be eligible to obtain four bonus shares for every one held.
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