Dividend, rights issue: Tips Music, 2 other stocks to remain in focus today

Here is the complete list of companies whose shares will turn ex-date on Thursday, along with their respective corporate announcements and other key details

Shares of Tips Music, Diligent Industries, and Mercury Trade Links will be in the spotlight today as they approach their ex-date tomorrow for key corporate announcements. Tips Music will turn ex-date for a dividend payout, while the other two stocks will trade ex-date on Thursday ahead of their rights issues.

Tips Music has notified the exchanges, via a regulatory filing, that its board has declared a second interim dividend for the financial year 2024-25. The dividend is set at Rs 2 per fully paid-up equity share with a face value of Rs 1 each. The record date for the dividend payment is October 24, 2024, with the dividend expected to be distributed on or before November 12, 2024, the company stated in its filing.

Diligent Industries shares will trade ex-date tomorrow following the company’s announcement of a rights issue. The company will issue up to 13.72 crore fully paid-up equity shares at Rs 3.60 per share, which includes a premium of Rs 2.60. The record date for determining shareholders eligible for the rights entitlement has been set for Thursday, October 24, 2024.

Similarly, Mercury Trade Links will turn ex-date tomorrow as the company prepares for its own rights issue. The board has approved the issuance of 1.08 crore fully paid-up equity shares at Rs 44.95 per share, which includes a premium of Rs 34.95, amounting to a total issue size of Rs 48.95 crore. The rights offer will be in the ratio of 4 new shares for every 1 existing share held as of the record date on Thursday, October 24, 2024.

In addition, shares of Caspian Corporate Services and Grovy India will turn ex-date today. Caspian has declared a final dividend of Rs 0.05 per share, while Grovy India has announced a bonus issue in a 3:1 ratio.

The ex-date is when a stock begins trading without the entitlement to dividends, bonus shares, rights issue, or buyback offers. To qualify for these corporate actions, investors need to own the stock before the ex-date. Companies declare the beneficiaries of dividends, bonus shares, rights issue, or buyback offers based on the list of shareholders recorded by the end of the record date.