Dividend stock: LIC to get over ₹1,800 crore as ITC begins dividend payment to shareholders
Life Insurance Corporation of India (LIC), is set to receive a huge amount of more than ₹1,800 crore as dividend. ITC has around 30.14 lakh shareholders as per the data till quarter ending June 2023. Among these shareholders, LIC owns 189.69 crore ITC shares, or 15.26% stake in the cigarettes-to-hotels major.
The company had earlier declared a final dividend of ₹6.75 per share and a special dividend of ₹2.75 per share for the financial year ended March 31, 2023. The total amount of the dividend is ₹9.50 per share. This was also approved at ITC’s annual general meeting (AGM) held on August 11.
With more than 189.69 crore ITC shares, and the dividend amount of ₹9.5 per share, the state-owned insurer LIC is set to receive a massive dividend payment of ₹1,802 crore. The record date for the payment of dividend was fixed on May 30, and will be paid between August 14 and August 17 to the eligible shareholders, ITC had earlier said. Moreover, the government’s Specified Undertaking of the Unit Trust of India (SUUTI) holds more than 97.45 crore equity shares of ITC, aggregating to 7.84% stake in the company.
It will receive ₹925.80 crore as dividend from ITC. On Monday, ITC reported its earnings for the first quarter of FY24. The company reported a 17.6% year-on-year (YoY) rise in its standalone net profit for Q1FY24 to ₹4,902.74 crore.
Read here: ITC Q1 Results: Net profit rises 17.6% on year to ₹4,902.74 crore The company’s revenue during the quarter ended June 2023 declined 7.2% to ₹16,995.49 crore from ₹18,320.16 crore, YoY. ITC board of directors also approved the demerger of its Hotels business under a scheme of arrangement amongst ITC Ltd and ITC Hotels Ltd. According to the share entitlement ratio fixed by the company, for
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