Firm to launch 50 products with a refreshed logo and split stock.
Companies News : On its centenary year, the board of Britannia Industries has approved issuance of secured redeemable non-convertible debentures as bonus debentures of Rs 60 in the ratio of one such debenture for every equity share. Also, it has proposed a share split that the board will decide in the next meeting on August 23.
Speaking at the company’s annual general meeting on Monday, Britannia Chairman Nusli Wadia said the company would incur Rs 7.2 billion for issuance of bonus debentures and the total payout to shareholders, including bonus, would be more than Rs 10 billion. These debentures will be issued out of the Rs 25.15-billion balance in retained earnings, which was available as on March 31, 2018.
According to the company, there will be no change in the paid-up equity capital of Britannia Industries pre and post issue of bonus debentures.
This apart, it has recommended a dividend of 1,250 per cent, which amounts to Rs 25 per share having a face value of Rs 2 each, bringing the total dividend payout to Rs 3.62 billion.
Varun Berry, Britannia’s managing director, said 50 products would be launched this year to celebrate 100 years of the...continue reading
Speaking at the company’s annual general meeting on Monday, Britannia Chairman Nusli Wadia said the company would incur Rs 7.2 billion for issuance of bonus debentures and the total payout to shareholders, including bonus, would be more than Rs 10 billion. These debentures will be issued out of the Rs 25.15-billion balance in retained earnings, which was available as on March 31, 2018.
Britannia Bonus Shares
Later, in a filing with BSE, Britannia said it would be issuing 0.12 billion bonus debentures of Rs 7.2 billion. “The firm will utilise balance in retained earnings to the extent of Rs 8.69 billion, including deemed dividend tax,” the filing said. These debentures will be listed in the BSE and NSE after getting nod from the National Company Law Tribunal.According to the company, there will be no change in the paid-up equity capital of Britannia Industries pre and post issue of bonus debentures.
This apart, it has recommended a dividend of 1,250 per cent, which amounts to Rs 25 per share having a face value of Rs 2 each, bringing the total dividend payout to Rs 3.62 billion.
Varun Berry, Britannia’s managing director, said 50 products would be launched this year to celebrate 100 years of the...continue reading
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