HUDCO announces interim dividend payout

by Psu Connect
Date: 21-03-24

Housing & Urban Development Corporation Ltd (HUDCO), a Miniratna CPSE, has recommended an interim dividend of Rs 1.50 per share for FY24. In percentage terms, the dividend payout is 15%.

New Delhi: HUDCO, a non-banking financial company, has received board approval for fundraising up to Rs 40,000 crore. The company is also set to increase its borrowing limit to Rs 1.50 lakh crore. On March 20th, HUDCO's share price stood at Rs 175.70 apiece, down by 0.9%, with a market cap of Rs 35,173.38 crore.

In a board meeting held on March 20th, HUDCO's directors approved an interim dividend for the financial year 2023-24. The dividend amounts to 15% per share, aggregating to Rs 1.50 per share with a face value of Rs 10 each. This is the first interim dividend for FY24. The company has fixed March 29th, 2024, as the record date for determining the eligibility of shareholders for the latest dividend payout.

Meanwhile, the process for payment of the interim dividend will be completed within 30 days of its declaration.

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HUDCO's board has approved the issuance of bonds/debentures to raise funds to a maximum amount of Rs. 40,000 Crore during the financial year 2024-25, depending on the actual requirement of funds. Additionally, the company has received approval for its proposal to increase the overall borrowing limit to Rs. 1,50,000 Crore from the existing limit of Rs. 1,00,000 Crore, as previously approved by shareholders under section 180(1)(c) of the Companies Act, 2013. However, this proposal is subject to the approval of shareholders.

As per the financial report for the nine months of FY24, HUDCO has recorded a total income of Rs 5,754.06 crore, which is a 10% increase compared to the previous year. Additionally, its net profit has increased by 33% YoY and is now at Rs 1,416.58 crore. The loan book of the company stands at Rs 84,424 crore in 9MFY24, reflecting a 6.50% YoY increase. Moreover, the net worth of the company has increased by 8% YoY and is now recorded at Rs 16,247.54 crore.