Newly listed financial stock announces final dividend. Details inside

While announcing its first earnings release post shares listing, Prudent Corporate Advisory Services Limited said that the board of directors have recommended dividend of ₹1 for the financial year ended March 31, 2022.

"The Board of Directors have recommended final dividend of Rs. 1/- (Rupees one only) per equity share of face value of Rs. 5/- each for the financial year ended March 31, 2022, subject to approval of shareholders at the ensuing Annual General Meeting (AGM) of the company," Prudent Corporate informed in an exchange filing. 

The company said that the date of next Annual General Meeting, the record date to determine the eligibility of shareholders for payment of dividend and the date of payment will be intimated separately.

Retail wealth management firm Prudent Corporate Advisory Services had set a price band of ₹595-630 per share for its three-day initial public offering (IPO) that had opened on May 10, 2022 and concluded on May 12. The newly listed stock, that made its market debut on May 20, 2022, is up about 2% since listing.

The initial share-sale of 85,49,340 equity shares comprised an offer for sale (OFS) of 82,81,340 equity shares by Wagner Ltd and up to 2,68,000 equity shares by Shirish Patel.

Prudent Corporate Advisory Services is one of the leading independent retail wealth management services group (excluding banks) in India and is amongst the top mutual fund (MF) distributors in terms of average assets under management and commission received.