 "Kirloskar Industries Ltd")
Kirloskar Industries Ltd has recommended a dividend of Rs 11 (110 per cent) per equity share of Rs 10 each for the financial year 2022-2023 in its board meeting. This means that for every share of Kirloskar that an investor holds, they will receive a dividend payment of Rs 11.
However, this recommendation is subject to approval by the company's members at the Annual General Meeting. If approved, the dividend will be paid on or before September 11, 2023.
Earlier, the company had presented its standalone and consolidated audited financial results for the quarter and year-end on March 31, 2023.
The board of directors has given consent for the conversion of 60,000,000 Optionally Convertible Debentures (OCDs) of Avante Spaces Ltd, a wholly-owned subsidiary of Kirloskar. These OCDs will be converted into 2,724,868 fully paid-up equity shares of Avante at a conversion price of Rs 253.64.
Furthermore, the board has approved the allotment of 654 equity shares of Rs 10 each to employees upon the exercise of Equity Settled Stock Appreciation Rights. This has also increased the paid-up share capital of the company.
A sale of Kirloskar's windmills business, including seven wind turbines located in Panchapatta, Maharashtra, to ISMT Ltd has also been approved. The transaction is awaiting approvals from government bodies and regulatory authorities, such as the Ministry of Environment, Forest and Climate Change, Government of India/Government of Maharashtra, Maharashtra Energy Development Agency, and Maharashtra State Electricity Distribution Company Ltd.
