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Wednesday, February 28, 2024
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Power Grid stock grabs focus as it goes ex-bonus today.

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Power Grid shares gain attention as they go ex-bonus today. The Power Grid Corporation of India Limited’s board of directors has approved a 1:3 bonus share issuance, with the record date set as September 12, 2023, meaning one bonus share for every three held by eligible shareholders.

Aside from going ex-bonus, the spotlight is on the PSU stock as it secures the winning bid in Tariff Based Competitive Bidding (TBCB). Power Grid Corporation of India Ltd has informed Indian bourses about this achievement, stating, “In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that Power Grid Corporation of India Limited has been declared the successful bidder in Tariff Based Competitive Bidding for the establishment of the Inter-State Transmission System Project, namely “Transmission system for evacuation of power from REZ in Rajasthan (20 GW) under Phase-III Part C1″ on a Build, Own, Operate, and Transfer (BOOT) basis. Power Grid Corporation of India Limited received the Letter of Intent (LoI) on September 11, 2023.”

Power Grid Corporation of India has notified the Indian stock market bourses regarding the bonus share record date, stating, “In accordance with Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby announce that the Company has set the Record Date as September 12, 2023, for determining the eligibility of members entitled to receive Bonus Shares in the ratio of 1:3, which translates to one (1) equity share with a nominal value of Rs. 10/- (Rupees Ten Only) for every three (3) equity shares with a nominal value of Rs. 10/- (Rupees Ten Only) each held by the Member(s).”

The PSU stock has a history of being generous with dividends, distributing bonus shares twice in 2023. As per the data available on the BSE website, Power Grid Corporation traded ex-dividend on February 8, 2023, offering an interim dividend of ₹5 per share to its eligible shareholders. Similarly, on August 8, 2023, it traded ex-dividend, providing a final dividend of ₹4.75 per share to its eligible shareholders.

In 2022, the dividend-paying stock also traded ex-dividend on three separate occasions. On February 16, 2022, Power Grid Corporation traded ex-dividend, granting ₹5.50 per share in dividends to its eligible shareholders. Likewise, it distributed dividends of ₹2.25 and ₹5.00 per share in August and November of the previous year.

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