Akzo Nobel India Ltd has said that the board of directors of the company at its meeting held on May 20 recommended a dividend of Rs 20 a share plus a special dividend of Rs 60 per equity share for the financial year 2012-13.
This dividend will become due on or after August 8, if approved at the forthcoming AGM, the company said.
As a response to the proposal, the stock price surged in early trade on Tuesday. On the BSE, it touched a new high of Rs 1,149, up 9.7 per cent.
In a statement, made available to Business Line , Akzo Nobel said: “After carefully evaluating the funds required for fuelling Akzo Nobel India’s growth, we are satisfied that a sum of Rs 450 crore can be released as dividend. The balance that remains will be used for meeting our working capital requirements and for investing in furthering the company’s growth.”