TCS declares 70% dividend to preferential shareholders

The country's top software exporter, Tata Consultancy Services, today said it would pay a 70 per cent dividend to its preferential shareholders. 

Its board has approved a dividend of Rs 0.70 on every redeemable preference share of one rupee each, TCS said in a filing to the Bombay Stock Exchange. 

The company would seek approval of shareholders for the same in its annual general meeting, it further added.

Yesterday, the Tata Group firm had reported a seven per cent growth in its net profit at Rs 1,333 crore for the fourth quarter ended March 31.

The profit for the entire fiscal, which saw the fortunes of many a company being hit towards the second half in the wake of one of the worst global financial crises, increased 4.57 per cent to Rs 5,256 crore. Its revenue grew 23 per cent Y-o-Y to cross $ 6 bn milestone.      

The board has approved a bonus issue of 1:1 or one equity share for every share held.

Besides, it has declared a total dividend of Rs 14 per share, including Rs 5 as final dividend, for fiscal 2008-09.

Shares of TCS were trading at Rs 562.15, up 0.31 per cent in the afternoon trading on the BSE.