Interim dividend of 100% declared by this petrochem stock, record date next week

“The Board of Directors of the Company at its meeting held on October 27, 2022 have approved and declared Interim Dividend of ₹4/- (four) per equity share of the Company having face value of ₹4/- (four) (viz. 100%) for the Financial Year 2022-2023 on its paid up equity share capital (consisting of 94020671 equity shares of ₹4/- each) entailing an outgo of ₹3,760.8 lakh,” the company said in an exchange filing.

Meanwhile, the company has fixed Friday, November 4, 2022 as the “Record Date” for the purpose of eligibility of aforesaid Interim Dividend. Accordingly, the shareholders of the company as at the close of business hours on Friday, November 4, 2022 will be eligible for payment of dividend, it added.

The company is engaged in manufacturing million tons of Polymers and Expandable Polystyrene (EPS) and owns and operates state-of-the art production facilities from two locations in India, at Amdoshi – Wangani Village near Nagothane in District Raigad Maharashtra and in New Manali Town near Chennai in Tamil Nadu. Supreme Petrochem shares are down about 2% in 2022 (YTD) so far whereas the petrochem stock have gained more than 11% in a year’s period.

Further, the company also announced stock split or sub-division of existing equity share of the company from 1 (one) equity share having face value of ₹4/- each, fully paid-up into 2 (two) equity shares having face value of ₹2/- (two) each fully paid-up, subject to approval of shareholders of the company. The company said that the record date for such subdivision/split of equity shares will be intimated in due course. 

A stock split increases the number of shares that are outstanding by issuing more shares to the current shareholders. Stock split decreases the market price of the individual shares, however, does not result in changing the market capitalization of the company.