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Infosys pays record 870% dividend for 2017-18

IANS  |  Bengaluru 

Global software Ltd on Friday rewarded its investors with a record 870 per cent aggregate or Rs 43.50 per of Rs 5 face value for fiscal 2017-18.

In a regulatory filing on the BSE, the city-based IT firm said its board had agreed to pay out a total of Rs 33.50 per (670 per cent), including Rs 20.50 (410 per cent) final and Rs 13 (260 per cent) interim and a special of Rs 10 per (200 per cent).

pay-out includes Distribution Tax (DDT).

The company's investors or shareholders are promoters, including their families, foreign and domestic institutional investors, employees with stock options and retail worldwide, as its scrip is listed and traded on Indian, European and American bourses.

Total paid in previous fiscal (2016-17) was Rs 25.75 (515 per cent) per share, including Rs 14.75 (295 per cent) final and Rs 11 (220 per cent) interim.

As part of its capital allocation policy, the board has agreed to pay a whopping Rs 13,000 crore ($2 billion) to the shareholders through the special amounting to Rs 2,600 crore ($400 million).

"The board has also identified Rs 10,400 crore ($1,600 million) to be paid out to investors for fiscal 2018-19 in a manner it will decide during this year," said the company in a statement here.

The policy envisages returning up to 70 per cent of the company's free cash flow of the corresponding fiscal year in a manner to be decided by its board from time to time.

"Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under the International Financial Reporting Standard (IFRS)," noted the statement.

The board reviewed the policy at its Friday meeting keeping in view the company's strategic and operational cash requirements in the medium term.

For the final of Rs 20.50 per share, the pay out to investors amounts to Rs 5,349 crore ($821 million), including DDT.

The pay-out for total of Rs 33.50 per share, including final and interim of Rs 13 amounts to Rs 8,771 crore ($1,349 million), including DDT.

"The aggregate dividend, including special of Rs 10 per works out to Rs 43.50 per resulting in an aggregate pay-out of Rs 11,371 crore ($1,749 million), including DDT," added the statement.

The company's blue-chip scrip gained Rs 6.75 to close at Rs 1,169 per at the end of Friday's trading on the as against Thursday's closing price of Rs 1,162.25 and opening price of Rs 1,174.50.

The scrip also traded at a high of Rs 1,184 and a low of Rs 1,150.20 during the intra-day sessions.

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sat, April 14 2018. 01:08 IST
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