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Laxmi Organic Industries Ltd is a mid-cap company having a market cap of 7,352.41 Cr. The company is a major producer of speciality chemicals such esters, amides, and arylides as well as ketene and diketene derivatives. Pharmaceuticals, agrochemicals, food packaging, pigments, and coatings are just a few of the numerous industries that Laxmi Organic Industries Ltd. caters to. The company's factories are located in a chemical park in Raigad, Maharashtra, 150 kilometres south of Mumbai. It has a leading reputation as a maker of specialty products, with a concentration on the two core business areas Acetyl Intermediates and Speciality Intermediates. In order to be approved by the Company's shareholders at the next 33rd Annual General Meeting, the Board of Directors has recommended a final dividend of 0.70/- per share with a face value of 2/- each, or 35% of the face value. And for the purpose of dividend, the Board has announced the record date to determine the eligibility of the shareholders to get the dividend amount.

The Board of the company has said in an exchange filing that “Pursuant to regulations 30 and 47 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please see enclosed public notice relating to the change in dividend record date from July 15, 2022 to July 19, 2022 (“Record Date") as per statutory requirement. We request you to take the above on record."

The shares will simply trade ex-dividend tomorrow, July 18, 2022, since the record date has been set as July 19. The shareholders will not be eligible to receive the declared dividend if the stock is purchased on the ex-date or at any time subsequently. Laxmi Organic Industries has announced a 35.00 per cent equity dividend, or 0.7 per share, for the fiscal year that ended March 2022. The dividend yield at the current share price of 277.35 on BSE is 0.25 per cent. On the NSE, the stock fell 0.88 per cent from its previous close of 279.10 and settled at 276.65 on Friday. Shares of Laxmi Organic have gained 6.96 per cent in the past year, but YTD, the stock has dropped 37.25 per cent so far in 2022.

 

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