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.
See Also: PM Narendra Modi Flags Off Five New Vande Bharat Express Trains
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.
Read Next: Tata Technologies Set To Be Tata Group’s First IPO Since 2004
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.