IRCTC Declares Interim Dividend Of 125%, Shareholders To Benefit

The Indian Railway Catering and Tourism Corporation, or IRCTC, has declared a dividend payment of 125 percent to its shareholders. The company's board has also set ex-date and record date for the dividend payment, which will be disbursed to eligible shareholders in due course. Presently, the IRCTC dividend yield stands at less than 1 percent.

In an exchange filing made by the company on Tuesday, the IRCTC board, during a meeting, approved an Interim Dividend of Rs 2.50 per equity share for a Face value of Rs 2 per share for the financial year 2023-24 which is 125% of the paid up share capital which stands at 160 crores.

According to the announcement, IRCTC will distribute a 125 percent dividend per equity share to its investors. This translates to Rs 2.50 per share, considering a face value of Rs 2 per share. In other words, IRCTC will pay Rs 2.50 as a dividend for each equity share.

The company stated in a stock exchange filing, "Declared an Interim Dividend of Rs 2.50 per share on Equity Shares of face value of Rs 2 each for the FY 2023-24 (i.e., @125% of the paid-up share capital amounting to Rs.160 Crore)."

The board of IRCTC has set the record date for the 125 percent dividend payment. Eligible shareholders will receive the dividend on the specified record date.

The record date for the IRCTC dividend is November 17, as indicated in the company's filing.

IRCTC shares will trade ex-date for the 125 percent dividend payment on November 17, as reported on the BSE website. This aligns with the shift to the T+1 settlement cycle, where both the ex-date and record date fall on the same day for all securities since January of this year.

As of the current market price of Rs 677, IRCTC shares offer a dividend yield of 0.81 percent.

In 2023, IRCTC has announced three dividends, with one scheduled for payment on November 17, 2023. The other two dividends were declared in August and February, totaling Rs 5.50.

In 2022, the company distributed dividends on two occasions, amounting to Rs 3.50. In 2021, a dividend of Rs 5 was paid on September 21. In 2020, IRCTC distributed dividends twice, totaling an impressive Rs 12.50.

(Note: This article is for informational purposes only and it should not be considered as investment advice.)