Home / Markets / Stock Markets /  Multibagger stock with high promoter holding sets record date for 100% dividend

The Industrial sector-focused small-cap firm International Conveyors Ltd has a market cap of 425.59 Crore. Since 1978, the Indian company International Conveyors Limited (ICL) has been producing and selling solid woven fabric reinforced PVC impregnated and PVC coated fire retardant, anti static conveyor belting. ICL is currently the second-largest producer of PVC solid woven belting in the world and exports more than 90% of the volume of its output, making it a global pioneer in conveyor belting products and services. Existing shareholders and potential investors need to be aware of the record date that the firm has established for the purpose of a 100% dividend.

The company has said in stock exchange filings that its Board of Directors has “Recommended a dividend of Re.1/- per equity share face value of Rs. 1/- each (Being 100% of the face value) for the Financial Year 2021-22; subject to the approval of shareholders at the forthcoming Annual General Meeting (AGM)."

They have further announced that “Pursuant to regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register and Share Transfer Book of the Company will remain closed from Saturday, September 24, 2022 to Friday; September 30, 2022 (both days inclusive) for taking record of the members of the Company for the purpose of final dividend for the FY 2021-22, (if declared at the ensuing AGM) and for the purpose of 49th Annual General Meeting of the Company to be held on September 30, 2022. We would further like to inform that the Company has fixed Friday, September 23, 2022 as the record date and cut-off date for ascertaining the name of shareholders holding shares either in physical form and in dematerialized form for the purpose of payment of dividend (if declared at the ensuing AGM) and for the purpose of remote e-voting respectively."

International Conveyors Limited (ICL) shares dropped by 0.32% from yesterday's finish of Rs. 63.25 and closed today at Rs. 63.05 a piece. The stock has produced a multibagger return of 308.09% over the past ten years and a multibagger return of 162.71% during the past five years. The stock has produced a multibagger return over the past three years of 111.58%, but in the past year, it has lost 13.98% of its value. The stock has dropped 12% YTD so far in 2022. The firm reported a promoter holding of 66.33% for the quarter that ended in June 2022, which is significantly higher than that of its competitors Thermax, GMM Pfaudler, Praj Industries, and BEML Ltd. International Conveyors Limited (ICL) reported an FII holding of 3.18%, DII holdings of 0.00% both of which are the lowest since September 2019, and public shareholding of 30.49%, the highest since December 2019, for the quarter that ended in June.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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