Jyoti Life Insurance Company Limited (JLI) has amended its dividend proposal.
The company had proposed a 10.5263% dividend for the fiscal year 2076/77. This would be its first-ever dividend. The 92nd meeting of the board of directors held on Kartik 14 had decided to distribute 5% bonus shares and 5.5263% cash dividend (including the amount for tax purposes) from the paid-up capital. Since the paid-up capital of the company is Rs. 2.2 arba, the bonus shares would be worth Rs. 11 crores and cash dividend worth Rs 12.15 crore.
However, Beema Samiti ordered the company to distribute the entirety of the dividend in bonus shares, and only a minimal cash dividend for tax purposes. As such, the company has amended its proposal to now distribute 10% bonus shares and 0.5263% cash dividend.
Now, the bonus shares are worth Rs. 22 crores, and the cash dividend is worth Rs. 1.15 crores.
As of writing, the company's last day close stands at Rs. 661.