HDFC Asset Management Company (HDFC AMC) has announced an interim dividend of Rs 70 per share after its meeting on June 7. The company’s shares rose by about 1.66 per cent on Friday to reach Rs 3823.20 on the National Stock Exchange. It is the highest dividend payment ever made by HDFC Asset Management Company in its trading history. Shareholders are going to get the biggest dividend ever since the company’s listing in the year 2018.
The record date for the dividend is June 18. The shareholders whose names are in the records of the Register of Members of the Company or Depositories as beneficial owners of shares till this date will be entitled to dividends. The dividend will be paid to eligible shareholders on or before June 30, 2024. This dividend will be issued at a face value of Rs 5 per share. Last year, the company announced a dividend of Rs 48 per share, following a R 42 per share payout in 2022. Earlier, the company announced Rs 34 in 2021, Rs 28 in 2020, and Rs 12 each in March and July 2019, as dividends.
In one year, the HDFC AMC has given a 90 per cent return to its investors. This multi-bagger stock has given a return of 26 per cent in three years. In the last 6 months, the stock has seen a strength of more than 25 per cent. The market cap of the company is Rs 81,619 crore. The 52-week high is Rs 4,186 whereas 52 week low is Rs 1,885.
HDFC AMC MD & CEO Navneet Munot’s term has been extended by another five years, the company said in an exchange filing on June 7. This extension will be in effect from July 1. It will be subject to the approval of the shareholders of the company at the ensuing Annual General Meeting, said the company stock exchange filing. HDFC AMC reported a quarterly Average Assets Under Management (QAAUM) of Rs 6.12 lakh crore as of March 2024 with over 100 funds across debt and equity. Navneet Munot also held the position of chairman, of the Association of Mutual Funds (AMFI) since 2023.
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