The dividend season of the third quarter of the current financial year is now in its last stages. Only record dates are left for the dividend of some remaining companies, after which the round of dividend declaration will begin along with the fourth quarter results. Meanwhile, automotive and industrial components maker Banks Products is also set to distribute dividend to its shareholders; The record date for this payment is now fast approaching. This is the second time in the current financial year that shareholders of Banks Products will get an interim dividend. Banks Products has recently shared important information about this upcoming dividend.
The opportunity to buy shares to take advantage of the dividend will end on March 18.
In an exchange filing made on March 13, Banks Products announced that its board of directors has declared an interim dividend of ₹8 (400%) on each equity share of which the face value of each share is ₹2. According to an exchange filing, the board of directors has set the record date for this ₹8 dividend on Thursday, March 19. The company’s shares will trade ex-dividend on March 19; As a result, the new shares purchased on March 19 will not be entitled to the benefit of dividend. Therefore, any investor who wants to take advantage of this dividend has time till March 18 to buy shares.
When will the dividend amount be deposited in bank accounts?
In its exchange filing, Banks Products said eligible investors will receive their dividend payment on or after Wednesday, March 25. The dividend amount is deposited directly into the respective bank accounts of the shareholders. It is worth noting that there was a tremendous rise in the shares of the company on Monday. On March 16, shares of Banks Products closed at ₹562.70 on BSE, registering a gain of 2.20% (₹12.10). The company’s current share price is well below its 52-week high. The company’s 52-week high is ₹879.60, while its 52-week low is ₹305.00. According to BSE data, the current market capitalization of the company is ₹8,048.71 crore.
