Dividend paying stock: Media stock announces 75% interim dividend. Do you own?
Dividend paying stock: Chennai-based Indian mass media company Sun TV Network has announced interim dividend of ₹3.75 per equity share to its shareholders for the financial year 2022-23. The board of directors of the mid-cap media stock with a market cap of around ₹18,086 crore declared interim dividend to the tune of 75 per cent to its shareholders in one of its recent exchange communications. the board of directors of the company declared the interim dividend in its meeting that took place on 3rd February 2023. The company board has already declared Sun TV Network dividend record date on 13th February 2023 and it will trade ex-dividend on 13th February as well.
Sun TV Network informed Indian bourses about interim dividend of ₹3.75 per equity share citing, “The Board of Directors at its meeting held on 3rd February 2023, (commenced at 2.30 p.m. and concluded at 4.30 p.m.) has approved an Interim Dividend of Rs.3.75/- per equity share of Rs.5/- each (i.e. 75%) for the financial year 2022-23.”
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In its previous communication with stock market exchanges, the dividend paying stock has already informed about the record date for dividend payment citing, “This is to inform you that Monday, 13th February 2023 shall be the Record Date for the Interim Dividend if any, declared at the Board Meeting to be held on Friday, 3rd February 2023. The Payment Date for the Interim Dividend if any, declared shall commence on and from Tuesday, 21st February 2023.”
Sun TV Network dividend history
The stock has remained a dividend paying stock for its long term investors. Prior to this interim dividend of ₹3.75 per equity share, the media stock has traded ex-dividend on four occasions in the year 2022. It traded ex-dividend on 17th February 2022 for payment of ₹2.50 apiece. On 17th March 2022, the media stock traded ex-bonus once again for payment of ₹5 per equity share interim dividend. On 23rd August 2022, this mid-cap stock traded ex-dividend again for payment of interim dividend of ₹5 per equity share. On 18th November 2022, Sun TV shares once again traded ex-dividend for payment of ₹3.75 per equity share. So, in 2022, the dividend paying stock has given net dividend of ₹16.25 per equity share ( ₹2.50 + ₹5.00 + ₹5.00 + ₹3.75).
Around a year ago, Sun TV share price was around ₹500 per equity share, which means annual dividend yield of the media stock is around 3.30 per cent [( ₹16.25/500) x 100].
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.