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Minda Industries on Tuesday announced that its board has recommended a 50% final dividend at the rate of Re 1 per equity share of face value of 2 each, along with an issue of bonus equity shares in the ratio of 1:1.

"Board discussed, approved and recommended the issue of Bonus Shares to the shareholders of the company in the ratio of 1 (one) Bonus equity share of Rs. 2 each fully paid up for every 1 (one) existing equity share of Rs. 2 each fully paid up (in the ratio of 1:1) held by the shareholders as on the 'Record Date', subject to the shareholders and other regulatory approval, as may be required in this regard," the company informed in an exchange filing.

The record date for the final dividend and bonus shares has been fixed as Friday, June 10, 2022, determining the eligibility of shareholders/beneficial owners, who shall be entitled to receive the Bonus shares, as may be, approved by the shareholders.

Meanwhile, the auto components major reported a 5% decline in consolidated profit after tax at 156 crore in the fourth quarter ended March. Whereas, consolidated revenue from operations rose to 2,415 crore as compared to 2,238 crore in the year-ago period.

Further, the board has also approved raising of up to 1,000 crore through issue of debt securities in one or more tranches to augment the long term resources of the company for meeting funding requirements of its business activities and general corporate and other purposes

Shares of Minda Industries have surged more than 48% in a year's period however, the stock is down about 30% in 2022 (year-to-date or YTD) so far.

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