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L&T will give Rs 6 per share special dividend to shareholders for the six decades that company patriarch A M Naik served with the engineering and construction major, S N Subrahmanyan, the CEO & MD of the infrastructure major said.
In a letter to the employees of Larsen and Toubro (L&T), Subrahmanyan said group chairman A M Naik is serving the sixth decade of his association with L&T.
His name will be remembered forever in the annals of India Inc and L&T as someone who made the impossible possible.
"The board (of the company has) decided to honour, with a special dividend - One for Each Magnificent Decade - in which Mr Naik transformed L&T," the CEO said.
The Rs 6 dividend to shareholders is only a token of affection, esteem and, most importantly, gratitude.
On August 9, the CEO said Naik will be attending his Silver Jubilee AGM.
"He (Naik) ceremonially handed over to me the L&T flag symbolising the privilege of taking your Company forward into the future," Subrahmanyan said.
The company's performance last year and in the first quarter this fiscal year has been befitting the occasion record-breaking!
Last week on July 25, the company approved a special dividend of Rs 6 per equity share for the Financial Year 2023-24.
The record date for the purpose of payment of dividend is Wednesday, August 2, 2023.
This will be paid on or before August 14, 2023.
Larsen and Toubro (L&T) last week posted a 36 per cent rise in net profit to Rs 3,116.12 crore in the June quarter over Rs 2,293.01 crore net profit in the corresponding period of 2022-23.
The company's board has approved buy back of shares worth up to Rs 10,000 crore.