Dividend, stock-split: IDFC, ARC Finance, Vedanta, 3 others in focus today

Here's the complete list of stocks trading ex-date tomorrow, along with their respective corporate announcements, and other key details

Shares of IDFC, ARC Finance, and New Light Apparels will remain in focus today as they will turn ex-date tomorrow, October 10, 2024, for the announcements of amalgamation, rights issue, and stock split, respectively.  ARC Finance’s board has approved a rights issue of 40,39,60,000 fully paid-up equity shares of Re 1 each at an issue price of Rs 1.20 per equity share, aggregating to Rs 48,47,52,000. Accordingly, 4 new right shares will be issued for every 5 existing equity shares held by eligible shareholders as of the record date, October 10, 2024.

IDFC shares will trade ex-date on October 10, after the company announced the merger of IDFC Financial Holding Company Limited (IDFC FHCL) with IDFC Limited, and then the merger of IDFC Limited with IDFC FIRST Bank. This means IDFC FHCL,  and IDFC will be dissolved, and IDFC First Bank will only have public shareholders. For the merger, shareholders of IDFC Limited will get 155 shares of IDFC First Bank (face value Rs 10 each) for every 100 shares of IDFC Limited (face value Rs 10 each) they hold as of the record date, October 10, 2024.

Meanwhile, shares of New Light Apparels will trade ex-split on October 10, 2024, following the company’s decision to split the stock from Rs 10 to Re 1 apiece. The record date for this split is October 10, 2024.

Besides these, Shraddha Prime Projects and Jindal SAW will also be in focus today due to upcoming corporate actions. Shraddha Prime Projects shares will trade ex-dividend today, following the announcement of an interim dividend of Rs 0.20 per share. Jindal SAW shares will trade ex-split today, following the company’s decision to change its equity share face value from Rs 2 to Re 1.

Additionally, shares of Anil Agarwal-led Vedanta will also remain in focus today as the company’s board meeting is rescheduled for today to consider and approve the fourth interim dividend on equity shares, if any, for the financial year 2024-25. Previously, the Vedanta board meeting was scheduled for October 8, 2024. Vedanta has already fixed Wednesday, October 16, 2024, as the record date for determining the entitlement of equity shareholders for the said dividend, if declared.

The ex-date refers to the point when a stock begins trading without dividend, bonus, or stock-split entitlement, as may be the case. This means that those acquiring the stock on or after the ex-date are not eligible for the upcoming corporate action. To qualify, investors must own the stock prior to the ex-date. Companies then determine beneficiaries based on the list of investors recorded by the end of the record date.