The board of Hindustan Aeronautics Ltd (HAL) has recommended a stock split and a final dividend for the approval of shareholders after the company’s strong performance on the stock exchange over the past year.
What Happened? HAL, in an exchange filing, recommended the split of every fully paid equity share of face value of ₹10 each into two equity shares of ₹5 each. The record date for the stock split has been set for September 29.
The board also recommended a final dividend of ₹15 per share, which will be paid to shareholders within 30 days from the date of its approval.
HAL recently signed a memorandum of understanding with GE Aerospace to produce fighter jet engines for the Indian Air Force during Prime Minister Narendra Modi’s visit to Washington.
Price Action: The government-backed aeronautics firm’s shares were down 0.46% at ₹3,684 in afternoon trade on Tuesday. The stock’s value has more than doubled in the last year.
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