By Malvika Gurung

Investing.com — The leading non-banking financial institution (NBFC) Shriram Finance (NS:) conducted a board meeting on Saturday, announcing a 150% interim dividend for the financial year 2022-23, along with other major outcomes.

Here are the announcements made by the company as approved by its Board of Directors at the meeting held on Dec 24, 2022.

• Declaration of an interim dividend of Rs 15/share of face value Rs 10 each fully paid up for FY23, translating to 150%, subject to tax deduction at source.
• The record date for the purpose of determining eligible shareholders for the corporate reward has been fixed as Jan 4, 2023.
• The interim dividend payout will be made to eligible shareholders on or after Wednesday, Jan 18, 2023.

The company’s Board of Directors also reviewed and approved the issuance of securities, ie, redeemable NCDs or subordinated debentures, bonds on a private placement basis in tranches to fund the increased credit demand following the merger of Shriram City Union Finance (NS:) into Shriram Finance.

The issue of redeemable NCDs or subordinated debentures or any other structured or hybrid debt securities was approved for the company’s business of up to Rs 35,000 crore, currently subject to the shareholders’ approval.

The company’s board further approved the postal ballot notice for the appointment of its new independent directors, along with the new MD & CEO of the company, and the re-designation of VC & MD as Executive VC of the company.