Multibagger stock: How to be eligible for Bank of Baroda’s dividend?
Bank of Baroda becomes the second public sector lender after SBI to cross over ₹1 lakh crore market cap on Monday. BoB’s share price witnessed a strong rally to settle with nearly 3% gains. The stock is currently near its 52-week high. BoB stock is going to be in focus this week and the coming week as it will turn ex-date for its dividend of ₹5.5 per share which the bank will pay for the fiscal year FY23 to its shareholders.
On BSE, Bank of Baroda’s share price closed at ₹193.70 apiece up by ₹5.60 or 2.98%. The stock touched an intraday high of ₹194.85 apiece — which is near its 52-week high of ₹197.20 apiece.
By the end of June 19, the bank’s market value was at ₹1,00,169.29 crore.
The bank has fixed June 30th as the cut-off date for determining eligible shareholders for a dividend payout of ₹5.5 per equity share for fiscal year FY23. The dividend has a face value of ₹2 each fully paid up.
As per BSE, Bank of Baroda’s shares will turn ex-dividend on June 30 as well ahead of the mentioned dividend payment. The ex-dividend date is the day when the price of the equity shares of a company gets adjusted for the dividend payout.
In its regulatory filing, last week, the Bank of Baroda said, the Register of Shareholders and Share Transfer Books of the Bank will remain closed from Saturday, 01st July 2023 to Friday, 07th July 2023 (both days inclusive) for the purpose of 27th Annual General Meeting and payment of dividend for the Financial Year 2022-23.
Accordingly, it added, “the Shareholders holding Bank’s Shares as of Friday, 30th June 2023 (Cut-off Date) will be able to attend and vote on the Agenda of the meeting either through remote e-voting or voting at the AGM and would also be entitled to receive dividends, if any for FY2022-23.”
This means, to enjoy the dividend benefit in Bank of Baroda, this bank’s share price must be visible in your Demat account by the end of June 30, 2023.
Bank of Baroda revealed that eligible shareholders for the dividend are:
1. Beneficial owners in respect of shares held in electronic form as per the data as may be made available by the National Securities Depository Limited (NSDL) and the Central Depository Services (India) Limited (CDSL) as of the close of the business hours on 30th June 2023;
2. All the members in respect of shares held in physical form after giving effect to valid transfers in respect of transfer requests lodged with the Bank / Bank’s RTA on or before the close of business hours on 30th June 2023.
Bank of Baroda will distribute the dividend to the eligible shareholders within 30 days from the date of the 27th annual general meeting.
BoB shares turned ex-dividend last year in June for a dividend of ₹2.85 per share. This dividend was announced after nearly five years of gap. In June 2017, the bank paid ₹1.2 per share.
In the quarter ending March 2023, the bank’s net profit more than doubled to ₹4,775.33 crore as against ₹1,778.77 in the Q4 quarter of last year. The bank recorded robust growth in net interest income (NII) of 33.8% and 26.8% for Q4FY23 and FY23 respectively. The bank’s net interest margins (NIM) grew 45 bps YoY to 3.53% and 28 bps YoY for the full year FY23.
In a year, Bank of Baroda’s share price has emerged as a multi-bagger with a breathtaking 112.62% jump on BSE.
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Download The Mint News App to get Daily Market Updates.
Updated: 19 Jun 2023, 06:56 PM IST
