Indian Metals and Ferro Alloys board approves Rs 200 crore investment for ethanol business and its allied by-products

Mumbai: The board of Indian Metals and Ferro Alloys on Friday approved Rs 200 crore investment into the ethanol business and its allied by-products. It will help in diversification into new line of business to improve the Company’s product portfolio.

Further, the company’s announced a special dividend of Rs 15 per share for the financial year 2023-24, ending March 31, 2024.

The record date for the special dividend has been fixed as April 8, 2024, the company informed stock exchanges in a filing.

The record date is for the purpose of ascertaining the eligibility of shareholders for payment of the dividend.

The special dividend will be paid to those shareholders on or before Saturday, April 27, 2024, the company said in the exchange filing.

A dividend is a reward that companies often provide to their shareholders, though it is not mandatory, from a portion of their earnings.

Indian Metals and Ferro Alloys is a producer of ferro alloys, stradling the value chain from mining to smelting.

Click here to read the outcome of the meeting of the Board of Directors held on 29th March, 2024


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