Several companies have announced corporate actions, including interim dividends and a scheme of arrangement, ahead of their respective record dates next week. 

ICICI Securities Ltd. will be delisted and merged with ICICI Bank Ltd. under a court-approved scheme of arrangement. Mishra Dhatu Nigam Ltd., REC Ltd., and TVS Motor Co. have declared interim dividends for the current financial year.

A scheme of arrangement is a court-sanctioned agreement that enables a company to restructure its business, often as part of a merger or acquisition. In this case, ICICI Securities will be merged into ICICI Bank, with shareholders receiving ICICI Bank shares based on a swap ratio of 67:100. A swap ratio defines how many shares an acquiring company issues for each share of the target company, determining the exchange value for investors.

To be eligible for dividends, investors should take note of the record date, which determines shareholder eligibility. Under India’s T+1 settlement cycle, shares purchased on the record date itself will not qualify for the dividend payment. The ex-dividend date, which falls before the record date, marks when the share price adjusts to reflect the upcoming payout.

Here is a look at companies that declared interim dividends and have key dates coming up this week.

ICICI Securities

ICICI Securities will be delisted as part of a scheme of arrangement that makes it a wholly owned subsidiary of ICICI Bank. The National Company Law Appellate Tribunal approved the merger on March 10 and trading in ICICI Securities will cease from March 24.

Public shareholders will receive 67 equity shares of ICICI Bank for every 100 shares held in ICICI Securities. The record date to determine eligible shareholders is set for March 24, as per the swap ratio.

Shares of the company closed 1.7% higher at Rs 896.2 apiece on the National Stock Exchange, compared to a 0.69% advance in the benchmark Nifty on Friday. The stock has risen 17.68% in the last 12 months and 4.65% on a year-to-date basis.

TVS Motor

TVS Motor has declared an interim dividend of Rs 10 per share for the financial year ending March 31. The dividend payout amounts to Rs 475 crore. The record date for shareholder eligibility is March 26 and the payment will be made within 30 days of declaration, in line with the Companies Act.

Shares of the company closed 2.86% higher at Rs 2,413.85 apiece. The stock has risen 17.46% in the last 12 months and 1.91% on a YTD basis.

REC

REC is a public sector undertaking that finances and promotes power projects across India. The company has announced its fourth interim dividend of Rs 3.60 per share for 2024–25. The record date for the dividend is March 26 and payment will be made on or before April 16. 

The company has previously declared three interim dividends this fiscal — Rs 4.30 on Feb. 14, Rs 4 on Nov. 8 and Rs 3.50 on Aug. 9 — along with a final dividend of Rs 5 on June 28, 2024.

Shares of the company closed 0.02% lower at Rs 428.95 per share on Friday. The stock has fallen 4.73% in the last 12 months and 14.33% on a YTD basis.

Mishra Dhatu Nigam

Mishra Dhatu Nigam, a metals and metal alloys manufacturing facility based in Hyderabad, operates as a PSU under the Department of Defence Production of the Ministry of Defence. 

The company has declared an interim dividend of Rs 0.75 per equity share for 2024–25. The record date for shareholder eligibility is set for March 25. No other dividends have been declared by the company this fiscal.

Shares of the company closed 1.13% higher at Rs 286.58 per share on Friday. The stock has fallen 22.14% in the last 12 months and 15.06% on a YTD basis.

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