100% dividend and stock split! DOUBLE DELIGHT for shareholders of Vijay Kedia-backed company

100% dividend and stock split! double delight for shareholders of vijay kedia-backed company

Dividend and stock split: Shareholders of mid cap company are set to reap double benefits as the Vijay Kedia-backed company has declared both dividend and a stock split. Engaged in the industrial products sector, the company is India’s largest Industrial Gearbox & Material Handling Equipment Manufacturer.

Elecon Engineering on Friday reported its quarterly earnings for the January-March 2024 period and said that its board has declared a final dividend and a stock split.

Elecon Engineering Dividend 2024

The mid cap firm will pay a 100 per cent final dividend to its shareholders, which translates to Rs 2 per share at a face value of Rs 2. “The Board of Directors has recommended Final Dividend of Rs 2.00 (i.e. 100%) per Equity Share of Rs 2.00 each for the financial year 2023-24,” Elecon Engineering said in an exchange filing.

Elecon Engineering Stock Split 2024

In addition to the dividend payout, the board of directors of the Vijay Kedia-backed company has also approved sub-division of the equity shares of face value of Rs 2.00 each into 2 equity shares of the face value of Rs 1.00 each. This means that the share will become more affordable for the shareholders.

Expected time of completion for the same is 4-6 months (including the time required for seeking approval of the shareholders). The stock split is being done to improve the liquidity of the company’s shares on the stock markets and also to make the same available to small investors.

Vijay Kedia Stake in Elecon Engineering

Ace investor Kedia owns 14,99,999 shares (1.34 per cent stake) of the company of the March 2024 quarter.

Elecon Engineering Share Price History

Shares of the company zoomed over 7 per cent during intraday trade on Friday to hit an intraday high of Rs 1148 apiece on BSE, which is also its 52-week high value. Elecon Engineering stock has a 52-week range of Rs 407.55 and Rs 1148.

In the last six months, the stock has risen 45 per cent and zoomed a whopping 157 per cent in the last one year. According to BSE analytics, Elecon Engineering shares have surged 500 per cent in the last two years while delivered 1545.83 per cent in the last 3 years.

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