HDFC Bank board declares dividend of Rs 6.50 per share for FY21

HDFC Bank on Friday said its board has declared a dividend of Rs 6.50 per share for the year ended March 2021.

"A dividend of Rs 6.50 per equity share ( 650 per cent on face value of Re 1) out of the net profits for the year ended March 31, 2021, has been recommended, subject to the approval of the shareholders of the bank at its ensuing Annual General Meeting (AGM)," HDFC Bank said in a regulatory filing.

If approved at the AGM, the expected date for payment of dividend in electronic form and for dispatch of physical dividend warrants would be August 2, 2021 onwards, it added.

The AGM of the bank is scheduled for July 17, 2021 through video conferencing and other audio visual means.

Besides, the board approved revising the re-appointment of Umesh Chandra Sarangi as an independent director from March 1, 2021 till February 29, 2024.

Earlier, the board had okayed his tenure from March 2021 till February 5, 2022.

Also, the board sought to appoint M M Nissim & Co LLP, chartered accountant firm, as its first preferred firm to act as joint statutory auditors for three years till FY2023-24. This is subject to RBI approval.

MSKA & Associates is its statutory auditor at present.

As per RBI guidelines, banks with asset size of Rs 15,000 crore and more at the end of a previous year, need to appoint minimum two joint statutory auditors.

Stock of HDFC Bank closed at Rs 1,479.85 apiece on BSE, up 0.95 per cent from previous close.