Newly Listed Financial Stocks Announce Final Dividend. Details inside
While announcing its first earnings release after the shares listed, Prudent Corporate Advisory Services Limited said the board had recommended a dividend of ₹1 for the year ended March 31, 2022.
“The Board of Directors has recommended a final dividend of Rs. 1/- (a single rupee) per share with a par value of Rs. 5/- each for the year ended 31 March 2022, subject to the shareholder approval at the next annual general meeting (AGM) of the company,” Prudent Corporate advised in an exchange document.
The company said the date of the next annual general meeting, the record date for determining shareholders’ eligibility for dividend payment and the payment date will be communicated separately.
Wealth management firm Prudent Corporate Advisory Services had set a price range of ₹595-630 per share for its three-day initial public offering (IPO) that opened on May 10, 2022 and closed on May 12. The newly listed stock, which made its market debut on May 20, 2022, is up around 2% since listing.
The initial sale of 85,49,340 equity shares included an offer for sale (OFS) of 82,81,340 equity shares by Wagner Ltd and up to 2,68,000 equity shares by Shirish Patel.
Prudent Corporate Advisory Services is one of the leading independent wealth management services groups (non-banks) in India and is among the leading mutual fund (MF) distributors in terms of average assets under management and commissions earned .