62.5% Dividend: Midcap NBFC Stock Recommended Rs 1.25/Share Final Dividend, Stock Jumps 6.62%

Indiabulls Housing Finance Ltd. has informed that the Board of Directors of the company on Friday, July 28, recommended a final dividend of Rs 1.25 per equity share i.e., 62.5% on face value of Rs 2 each for the financial year 2023-23. According to the Board, the said dividend is subject to approval of members at the ensuing Annual General Meeting (AGM).

Indiabulls Housing Finance is a Midcap NBFC operating in the Housing Finance space. The company has a market cap of Rs Rs 6,017.57 Crore.

"The Board has recommended a final dividend of ₹ 1.25 per equity share translating to 62.5% on face value of ₹ 2 each for the financial year ended March 31, 2023, subject to approval of members at the ensuing Annual General Meeting," the company said in an exchange filing.

It added, "The Company is emerging from a phase of consolidation over the last few years. As the Company gets back on the path of growth, the Board has resumed payment of dividends to shareholders. The Company is also very well capitalized with capital adequacy in excess of 23% on standalone basis and 31% on consolidated basis as at the end of March 2023."

It furthermore, "In the past, the Company has had a consistent dividend paying track record. As business has now stabilized and the Company gets back on the path of growth, subject to regulatory limits, the Company aims to resume consistent payment of dividends. It is the Company's goal to deliver good returns to shareholders both on RoE and on dividends."

On Friday, the stock of Indiabulls Housing Finance closed 6.62% higher at Rs 136.05 apiece on NSE.

It gained 12.21% in the past 1 week, 17.13% in the past 1 month, and 26.38% in 3 months, respectively. While in the past 1 year, it gained 18.56%. In 3 and 5 years, it declined 36.96% and 89.66%, respectively.

The stock hit 52-week-high on Dec 21, 2022, at Rs 158.65 apiece and 52-week-low on Mar 29, 2023, at Rs 91.80 apiece, respectively.

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