CNG and PNG distribution company, Mahanagar Gas (MGL) has fixed the record date for its final dividend for the financial year FY22. In its regulatory filing, MGL said the 27th annual general meeting (AGM) is scheduled to be held on Wednesday, August 24, 2022. Further, MGL said, ” The Record Date (“cutoff”) for the purpose of 27th AGM and ascertaining the eligibility of Final Dividend for the Financial Year 2021-2022 is Tuesday, August 16, 2022.” MGL stated that the final dividend, if declared at the said AGM, will be paid within 30 days of its declaration, to those Members whose names appear in the Register of Members of the Company and/ or Register of Beneficial Owners maintained by the Depositories, as on the Record Date (“cut-off’), i.e. Tuesday, August 16, 2022.
The company has declared a 155 per cent dividend on its equity shares and plans to identify eligible shareholders for the benefit next month. The company needs shareholders approval for the dividend in the upcoming AGM.
So, MGL shares are likely to turn ex-dividend on August 15. The ex-dividend date for a stock is the business day before the record date of declaring eligible shareholders for the payout.
In May, the company announced a final dividend of Rs 15.50 i.e 155 per cent per equity shares having a face value of Rs 10 each for the financial year ended March 31, 2022. This is in addition to an interim dividend of Rs 9.50 per equity share (95 per cent) paid to all eligible shareholders in February this year.
On BSE, MGL shares closed at Rs 743.45 apiece down by Rs 8.85 or 1.18 per cent. Its market cap is around Rs 7,343.63 crore.
For full-year FY22, the company’s net profit is around Rs 596.95 crore down from Rs 619.57 crore in the previous fiscal. Revenue from operations jumped to Rs 3,884.90 crore against Rs 2,337.79 crore in the previous financial year.
Mahanagar Gas Limited, (MGL) one of the India’s leading Natural Gas Distribution Companies was incorporated on May 8, 1995. GAIL (India) Limited (Maharatna Company of Govt. of India) is the promoter of MGL. Currently, MGL connects 1.92 million households, over 4,272 small commercial establishments, and 94 industrial establishments. MGL also supplies CNG to more than 0.87 million vehicles in Mumbai, Thane, Mira-Bhayander, Navi Mumbai, and others. Through MGL’s wide distribution network, there are 292 CNG filling stations having 1,760 dispensing points.
Earlier this month, the company announced yet another increase in the retail price of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai to the tune of Rs 4/kg and Rs 3/SCM respectively.
The company has been sourcing gas from the overseas market to meet the shortfall in domestic gas allocation. The distributor attributed the continuing price increases to rising input gas cost and the fall in the rupee.
Accordingly, MGL has increased the retail price of CNG by Rs 4/kg to Rs 80 and that of domestic PNG by Rs 3/SCM (standard cubic metre) to Rs 48.50, in and around Mumbai.
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