Nestle India to consider interim dividend, stock split in board meet on October 19

MUMBAI – The board of directors of Nestle India will consider the proposal of sub-division of shares of the company of face value Rs 10 each on October 19. This proposal will be considered along with the earnings for the September quarter.

Stock split, particularly in high value stocks, helps in improving liquidity in the counter while also rewarding stakeholders. The “Maggi” noodles maker has been one of the best performing Nifty 50 stocks in 2023. It has given nearly 14% returns year-to-date, and touched a 52-week high of Rs 23,395.35 in July.

Apart from a stock split, the board will also consider and recommend second interim dividend for the year 2023, the company said in an exchange filing.

If approved by the board and the shareholders, the record date for the second interim dividend will be November 1, the company said.

In April, Nestle paid an interim dividend of Rs 27 a share, and a final dividend of Rs 75 a share for 2022. Last month, Nestle had received approval from the National Company Law Tribunal to transfer the entire credit balance of Rs 837 crore of the company’s general reserves to retained earnings.

In trade on Tuesday, shares of Nestle India ended nearly 1% down at Rs 22,315.25 on the NSE.

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