Debt-free stock Mahanagar Gas Ltd (MGL) fixes record date for dividend
Mahanagar Gas Ltd is a mid-cap company with a market valuation of ₹7,393.02 crore that operates in the gas and energy industry. One of India’s top natural gas distribution companies, Mahanagar Gas Limited (MGL), is promoted by GAIL (India) Limited, a Maharatna Company of the Indian government. The firm provides energy supplies like gas geysers, domestic PNG, commercial PNG, industrial PNG, and CNG. According to Value Research, Mahanagar Gas Limited is a debt-free company with a promoter shareholding of 32.50 per cent.
For the purpose of dividend, the Board of Directors of MGL has said in a regulatory filing that “The Final Dividend of Rs.15.50 i.e.155% per equity share of Rs.10/-each fully paid up, for the financial year ended March 31, 2022, if declared at the said AGM, will be paid within 30 days of its declaration, to those Members whose names appears 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.”
“Pursuant to Section 91 of the Companies Act, 2013 and Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and Share Transfer Books of the Company will remain closed from Wednesday, August 17, 2022 to Wednesday, August 24, 2022 (both days inclusive) for the purpose of 27th Annual General Meeting and payment of dividend for the Financial Year 2021-22. The Record Date (“cutoff”) for the purpose of 27th AGM and ascertaining eligibility of Final Dividend for the Financial Year 2021-2022 is Tuesday, August 16, 2022,” said MGL in a stock exchange filing.
The shares of MGL closed today at ₹749.45 apiece level, up by 2.80% from the previous close of ₹729.05. The stock has dropped 33.04 per cent in the past year, and on a year-to-date basis, it has declined 14.45 per cent so far in 2022. The stock has fallen 8.00% in the last 6 months, and 1.96% in the last 1 month. In the last 5 trading days, the stock has plummeted 3.67%, and on the NSE today’s traded volume was 4,53,505 shares amounting to a traded value of ₹3,363.47 lacs.
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