TIPS Music Ltd, formerly known as Tips Industries Ltd, at its board meeting held today, declared a second interim dividend and appointed a new independent director.
The shares of TIPS Music Ltd were trading at ₹773.90, down by ₹55.80 or 6.73 per cent, on the NSE today at 2.55 pm.
The board approved a second interim dividend of ₹2 per equity share (200 per cent) for the financial year 2024-2025. The dividend will be paid on fully paid-up equity shares with a face value of ₹1 per share. The record date for dividend payment is set for October 24, 2024, with the distribution scheduled on or before November 12, 2024.
To strengthen its leadership, TIPS Music appointed Chandrashekar Ponnuswamy as an Additional Director, designated as a non-executive independent director. His appointment, effective today, is for a term of five consecutive years, subject to shareholder approval. Ponnuswamy brings over 43 years of business experience, particularly in finance, to the company’s board.
TIPS Music, operating in the audio/ video products segment, recently concluded a settlement with Xtelify Ltd (‘Wynk’), recognising revenue of ₹1,200 lakh in the six months ended September 30, 2024.
The company completed a share buyback programme earlier in the year, purchasing 5,95,000 fully paid-up equity shares at ₹625 per share, totalling approximately ₹37.19 crore. This buyback, excluding promoters and promoter groups, was completed on May 14, 2024.