Shares of Federal-Mogul Goetze Ltd are in focus on Friday, August 28, after the company's board declared dividends for the first time in 25 years. The company, in an exchange filing on Thursday, said its board has declared an interim dividend of ₹7.5 and a special dividend of ₹86.5 per equity share of ₹10 each of the company.
It has also set Friday, September 4, as the record date for the same. The company said both dividends will be paid on or before Friday, September 25. Prior to this, the company had issued dividend of ₹2.5 back in August 2001, as per data available on the stock exchanges.
At the end of the June quarter, promoter entities held 74.98% stake in the company while public shareholders held 25.02% stake, as per stock exchange data. Federal-Mogul Goetze was a joint venture with Anil Nanda and his associates. In May 2006, the Nanda family and associates had exited their holding in the company.
In December 2007 and July 2008, the Federal-Mogul Corp increased its stake in the company via rights issue. The company makes pistons and piston rings in India. On another note, in April 2018, Icahn Enterprises LLP announced that it had entered a definitive agreement to sell its indirect wholly-owned subsidiary Federal Mogul LLC, the parent company of FMCI, to Tenneco Inc for $5.4 billion.
Shares of Federal-Mogul Goetze Ltd ended the previous session 0.7% lower at ₹544.95 apiece. The stock has gained 12.6% in the past month and is up 17.4% this year, so far.