Home / Markets / Stock Markets /  Hindustan Copper to pay 23.2% dividend on 26 Oct, receives shareholders approval

Government-owned Hindustan Copper on Wednesday received shareholders' approval for a 23.20% dividend for fiscal FY22. The approval was granted at the 55th annual general meeting (AGM). The company has already determined eligible shareholders for the dividend benefit. The dividend will be paid on 26th October.

In its regulatory filing, Hindustan Copper said, "Shareholders of the Company at the 55th AGM held today through Video Conferencing /Other Audio-Visual Means have approved payment of dividend as recommended by the Board of Directors."

Further, the company said, the date of payment of dividend equivalent to 23.20% of the paid-up capital of the Company (i.e. Rs.1.16 per share) is 26th October 2022.

On BSE, Hindustan Copper shares closed at 100.65 apiece down by 3.36%. The company's market cap is around 9,733.10 crore.

In May this year, the company announced a dividend equivalent to 23.20% on paid-up capital. This would be a 1.16 per share dividend having a face value of 5 each for the financial year FY22. The outgo for the dividend is 112.17 crore.

Hindustan Copper had set September 22 as the record date to determine eligible shareholders for the dividend benefit.

Dividends are corporate actions decided by a listed company. They are distributed in the form of incentives out of a company's profit.

In Q1FY23, Hindustan Copper registered a net profit of 57.09 crore compared to 45.61 crore in the same quarter last year. Revenue from operations stood at 348.39 crore in Q1FY23 against 267.60 crore in Q1 of FY22.

How shareholders will get dividend

As per BSE FAQs, the company provides the facility of direct credit of the Dividend to the member’s bank account. Listing Regulations also mandate companies to credit the Dividend to the members electronically.

Members are urged to avail of this facility to ensure safe and speedy credit of their dividend into their Bank account.

Thereby, shareholders need to ensure to have updated their bank account with their Demat account.

Hindustan Copper is the nation’s only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining, and casting of refined copper metal into downstream saleable products.

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