Bharat Dynamics gains 2% on board nod to stock split, interim dividend

Bharat Dynamics: The state-owned defense company has declared an interim dividend of Rs 8.85 per equity share for the financial year 2023–24 and also announced the sub-division of the existing one equity share (of a face value of Rs 10 each) into two equity shares (of a face value of Rs 5 each). The board has given its approval for the appointment of G Gayatri Prasad, General Manager (Finance), as the Chief Financial Officer of the company after the cessation of N Srinivasulu as Director (Finance) and Chief Financial Officer on January 31, 2024.

Shares of Bharat Dynamics gained 2 percent in early trade on March 22 after the company's board approved a sub-division of its equity shares and declared an interim dividend for FY23-24.

At 9:53am, Bharat Dynamics was quoting Rs 1,697.60, up Rs 36.05, or 2.17 percent, on the BSE.

The board of directors of the company at a meeting held on March 21 declared an interim dividend of Rs 8.85 per equity share of Rs 10 each fully paid-up for the financial year 2023-24.

The company has fixed April 2 as the record date for the purpose of payment of interim dividend and will be completed on or before April 18.

The board also approved the split of one existing equity share of face value of Rs 10 fully paid-up into two equity shares of a face value of Rs 5 each fully paid-up, subject to shareholders' approval.

The record date for the purpose of sub-division or split of equity shares shall be decided after obtaining approval from the shareholders.

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The company's board also approved the appointment of G Gayatri Prasad, general manager (finance) as the chief financial officer of the company, consequent to cessation of N Srinivasulu as the director (finance) and chief financial officer on January 31, 2024.