This week, the spotlight will be on Asian Paints, India’s largest paint manufacturer (NS: ASPN), as its shares are about to go ex-dividend for a final dividend of 2,125% for the financial year that ended on March 31, 2023. According to the ‘Dividend Calendar’ on Investing.com, this Nifty50 constituent stock is scheduled to go ex-dividend on Friday, June 9, 2023.
During the announcement of its quarterly earnings for the March-ended quarter, Asian Paints’ Board of Directors recommended a final dividend of Rs 21.25 per equity share, with a face value of Re 1 each, for the financial year 2022-23. However, this dividend is subject to approval from the shareholders at the company’s upcoming 77th Annual General Meeting (AGM).
The record date to determine the eligibility of shareholders who will receive the final dividend has been set as June 9, 2023, and the dividend will be paid on or after June 30.
In addition to the interim dividend of Rs 4.4 per share (440%) declared on October 31, 2022, Asian Paints’ total dividend for FY23 will amount to Rs 25.65 per share. This translates to a dividend payout ratio of 60% for the fiscal year. Furthermore, the company’s total dividend for FY23 is 33.9% higher compared to that of FY22.