The board of TVS Holdings Ltd., the promoter entity of stocks like TVS Motor Company Ltd., announced an interim dividend of ₹94 per share at its board meet on Thursday.
The dividend amount translates to a 1,880% payout on 2.02 crore equity shares of the company, which have a face value of ₹5 each.
For this dividend payout, the company will be spending a sum of ₹190 crore.
Record date for the purpose of this dividend payout has been fixed as April 2, 2024.
This is the highest ever payout declared by the company in terms of dividend. The company in February last year had declared a dividend of ₹59 per share, following a payout of ₹44 per share in March 2022.
Additionally, the board also approved raising funds to the tune of ₹650 crore through the issue of Non-Convertible Debentures during financial year 2025.
TVS Holdings operates as a holding company. Its subsidiaries manufacture motorcycles, scooters, auto components and computer peripherals. It is also engaged in the distribution of heavy commercial vehicles, passenger cars, finance and insurance.
TVS Holdings holds a 50% stake in TVS Motor as per the latter’s December shareholding pattern.
Shares of TVS Holdings are off the day’s high, currently trading 0.4% higher at ₹7,980. The stock has risen 48% over the last 12 months.
