The board of Rail Vikas Nigam Ltd. (RVNL) declared an interim dividend of 1.77 rupees per share for the fiscal year 2022–2023 on Friday (FY23). In afternoon trades, shares of RVNL were trading more than 1% higher on the BSE at 65 each.
In a filing with the stock exchange, RVNL stated, “..this is to announce that the Board of Directors of the Company in its meeting held today, i.e., March 24, 2023, have declared an Interim Dividend of Rs. 1.77 per equity share of Rs. 10 each (i.e., 17.7%) for the financial year 2022-23.”
For this purpose, the Record Date, or Thursday, April 6, 2023, has been set as the day to determine whether stockholders are eligible to receive an interim dividend. Payment of the interim dividend will be made on or before April 22, 2023, it was said.
A PSU business called Rail Vikas Nigam Ltd is engaged in the construction of rail infrastructure. The company carries out projects by raising money through the special purpose vehicle (SPV) method from strategic stakeholders and project-specific investors.
The company typically works on a turnkey basis and manages the entire project development cycle, from conceptualization to commissioning, including all stages of project execution up to the stage of commissioning of the new railway lines. This includes all stages of design, preparation of estimates, calling and award of contracts, project and contract management, etc.
As of September 2022, the government owned 78.2% of the railway firm. The PSU Railway stock has returned more than 87% over the course of a year. Shares of Rail Vikas Nigam had their market debut in May 2019 and have since increased by roughly 231%.