Industrial stock fixes record date for 450% dividend: Check key takeaways

With a market capitalization of ₹24,773 crore, Thermax Ltd. is a large-cap industrial firm. The company offers eco-friendly energy and environmental solutions, and its product line also includes specialty chemicals, water and waste management systems, and products for heating and cooling. Along with turnkey power plants, industrial and municipal wastewater treatment facilities, waste heat recovery systems, and air pollution control projects, the company also develops huge boilers for the production of steam and power. The organisation serves customers through a broad sales and service presence dispersed throughout Asia, South East Asia, the Middle East, Africa, Europe, and the Americas. The corporation operates internationally through 29 international offices and 14 production sites, 10 of which are in India and 4 abroad. For the purpose of 450% dividend, the Board of the company has fixed 22nd July as the record date.

On 20th May 2022, the Board had informed exchange filings that “We further wish to inform you that the Board of Directors have recommend a dividend of Rs. 9 /-per equity share of Rs. 2/- each (450%), for the financial year 2021-22, subject to approval of shareholders at the ensuing 41 th Annual General Meeting. Record date for the payment of dividend will be communicated separately.”

On 8th July 2022, the company informed the stock exchanges that “Pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has fixed Friday, July 22, 2022 as the 'Record Date' for the purpose of determining the names of Members eligible for dividend for the financial year ended March 31, 2022. If the dividend as recommended by the Board of Directors is approved at the AGM, payment of such dividend, subject to deduction of tax at source, will be made on Monday, August 8, 2022 as under: To all Beneficial Owners in respect of shares held in dematerialized form as per the data as may be made available by the National Securities Depository Limited and the Central Depository Services (India) Limited as of the close of business hours on Friday, July 22, 2022; To all Members in respect of shares held in physical form after giving effect to valid transmission or transposition requests lodged with the Company as of the close of business hours on Friday, July 22, 2022.”

The stock dropped 1.39 per cent from its previous price of ₹2099.10 and settled at ₹2,069.95 on Friday. The stock has gained 44.79 per cent over the past year, and it has climbed 14.10 per cent YTD so far in 2022.