Infosys Technologies Ltd on Friday reported a year-on-year 33.2 per cent jump in net profit at 2,458 crore (Rs 24.58 billion) for 2005-06, and recommended a 1:1 bonus issue and a silver jubilee special dividend of Rs 30 per share.
The board of directors, at its meeting held on April 14, 2006, recommended one additional equity share for every one existing equity share held by the members on a record date to be fixed by the board, by capitalising a part of the reserves.
Consequently, the board recommended a stock dividend on the company's American Depositary
Shares in the ratio of two for one, i.e. one additional ADS for every one existing ADS held by the holders of the ADSs as on a record date to be fixed by the board.
As the bonus issue of shares is subject to approval of the shareholders, the same is not reflected in the financial statements for the quarter, half-year and year ended March 31, 2006.
The board also recommended a Silver Jubilee special dividend of Rs 30 per share (600 per cent on par value of Rs 5 per share) amounting to Rs 827 crore (Rs 8.27 billion). The board also recommended a final dividend of Rs. 8.50 per share (170 per cent on par value of Rs 5 per share) for fiscal 2006 amounting to Rs 234 crore (Rs 2.34 billion). These recommendations of the board are subject to the approval of the shareholders at the annual general meeting to be held on June 10, 2006.
Including the interim dividend of Rs 6.50 per share (130 per cent on par value of Rs 5 per share) amounting to Rs 177 crore (Rs 1.77 billion), the total dividend recommended for the year is Rs 45.00 per share (900 per cent on par value of Rs 5 per share), amounting to Rs 1,238 crore (RS 12.38 billion). The register of members and share transfer books will remain closed from May 27, 2006 to June 10, 2006, both days inclusive.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group
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