CNG and PNG distribution company Mahanagar Gas (MGL) has set the record date for its fiscal FY22 final dividend. In its regulatory filing, MGL said that the 27th Annual General Meeting (AGM) is scheduled for Wednesday, August 24, 2022. Furthermore, MGL said: “The Record Date (“cutoff”) in view of the 27th AGM and determining the eligibility of Final Dividend for the 2021-2022 fiscal year is Tuesday, August 16, 2022.” MGL stated that the final dividend, if declared at the said AGM, will be paid within 30 days of its announcement to the Members whose names are included in the Company’s Register of Members and/or the Register of Ultimate Beneficial Owners maintained by the Custodians, such as on the Record Date (“cut-off”), i.e. Tuesday 16 August 2022.
The company has announced a 155 percent dividend on its stock and plans to identify eligible shareholders for the benefit next month. The company needs shareholder approval for the dividend at its upcoming AGM.
So it is likely that MGL shares will go ex-dividend on August 15. The ex-dividend date for a share is the business day prior to the record date of qualifying shareholders for payment.
In May, the company announced a final dividend of Rs 15.50, or 155 percent per share with a par value of Rs 10 each for the fiscal year ending March 31, 2022. This is in addition to an interim dividend of Rs 9.50 per share. equity share (95 percent) paid to all eligible shareholders in February this year.
On BSE, MGL shares closed at Rs 743.45 each, down Rs 8.85 or 1.18 percent. The market cap is about Rs 7,343.63 crore.
For the full year FY22, the company’s net profit is about Rs 596.95 crore lower than Rs 619.57 crore in the previous fiscal year. The operating income increased to Rs 3,884.90 crore from Rs 2,337.79 crore in the previous financial year.
Mahanagar Gas Limited, (MGL), one of the leading natural gas distribution companies in India, was established on May 8, 1995. GAIL (India) Limited (Maharatna Company of Govt. of India) is the promoter of MGL. Currently, MGL connects 1.92 million households, more than 4,272 small commercial establishments and 94 industrial establishments. MGL also supplies CNG to more than 0.87 million vehicles in Mumbai, Thane, Mira-Bhayander, Navi Mumbai and others. There are 292 CNG filling stations with 1760 drop-off points through MGL’s broad distribution network.
Earlier this month, the company announced another increase in the sales price of Compressed Natural Gas (CNG) and Pipeline Gas (PNG) in Mumbai to Rs 4/kg and Rs 3/SCM respectively.
The company extracts gas from the overseas market to make up for the shortfall in domestic gas allocation. The distributor attributed the continued price increases to rising input gas costs and the decline of the rupee.
Accordingly, MGL has increased the retail price of CNG by Rs 4/kg to Rs 80 and that of domestic PNG by Rs 3/SCM (standard cubic meter) to Rs 48.50, in and around Mumbai.
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