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Muthoot Finance approves 220% interim dividend for FY23

Gold financing company Muthoot Finance has declared an interim dividend of Rs 22 per equity share for the financial year 2022-23. The dividend is 220% of the face value of shares of the company.

“The Board of Muthoot Finance at their meeting has considered and approved payment of an interim dividend of Rs 22 per equity share (220%),” the company said in a filing.

The company has fixed April 18 as the record date for the purpose of reckoning the shareholders who will be entitled to receive the interim dividend.

The dividend will be paid to shareholders whose names appear as beneficial owners as per the depositories list as on April 18 and to those members in the register of the company.

The interim dividend will be paid to the shareholders within 30 days from the date of declaration.

Shares of Muthoot Finance will trade ex-dividend on the day of record date or a day before. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment. An ex-dividend date also dictates which shareholders are eligible to receive the dividend payment.

On Thursday, Muthoot Finance stock was trading 2.89% higher at Rs 1,018.40 apiece on NSE. So far this year, the shares have lost nearly 7%.Muthoot Finance paid a dividend of Rs 20 per share in the last one year, which results in a dividend yield of 1.96%.

Muthoot Finance is a gold financing company which provides loans against collateral of gold jewellery. The company provides personal and business loans to individuals who can’t access formal credit. The company has consolidated loan assets under management of Rs 65,085 crore, as of December quarter.

Muthoot Finance has an average target price of Rs 1,295.67, showing an upside of 27.22% from the current levels, according to Trendlyne data.

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