Hero Honda declares 3,500 per cent dividend
13 Apr 2011
India's largest two-wheeler maker Hero Honda today declared a 3,500 per cent interim dividend of Rs70 per equity share of Rs2 each.
During its board meeting today, the company considered and declared "an interim dividend of 3,500 per cent that is Rs 70 per equity share of Rs 2 each", the company said in a filing with the Bombay Stock Exchange (BSE).
The company, however, did not say how much would be the capital outgo due to the dividend and other details regarding the period for the dividend.
The news sent shares of the company surging to Rs1,742 a piece, up 6.28 per cent on the BSE during late-afternoon.
The company last year declared a Silver Jubilee Special Dividend of 4,000 per cent or Rs80 per equity share of Rs2 each.
In 2009, the company said it had on hand a huge cash reserve exceeding Rs4,000 core which it was looking to utilise and was considering several options including special dividend to its shareholders and expanding capacity.
