Dividend Payments plus Bonus Debentures to be circulated by Britannia
Britannia Industries Limited said on Monday that its board has agreed on the payment of dividend plus issuing bonus debentures to reward its shareholders in such tough and bizarre times due to (COVID-19) coronavirus epidemic. Britannia is an Indian food and beverage company headquartered in Kolkata who sells majorly bakery and dairy products in more than 60 countries across the world.
Meanwhile, the Board has agreed on the dividend payment of Rs.12.50 per everyone fully paid-up equity share of Re 1 each by making use of its accumulated profits. Also, the company approved the issue of a non-convertible fully paid up debenture of Rs. 29 by way of “bonus to the members of the company” and make use of its general reserve.
However, the company taking into contemplation its capability to initiate accumulated profits and sturdy cash flow to fund its future growth, the Britannia industries said that these excess funds can satisfactorily be utilized to reward its members in such difficult and laborious times by way of distribution.
Besides, the shares of the Britannia Industries limited settled at Rs.3,828,45 on BSE, up to 0.49 percent and the company said that keeping with its mindful of the challenging business environment and conservative cash management, it’s of the perspective that it would be judicious to keep liquidity in the company.