Progressive Finance Calls AGM to Endorse 6.3158% Dividend

Sun, Mar 6, 2022 11:51 AM on Latest, AGM/Special AGM,

Progressive Finance Company Limited has re-scheduled its 25th AGM on 16th Chaitra, 2078. The meeting will be held in Jyapu Pragya Bhawan, Lalitpur, starting at 1 pm that day.

The company had previously called its 25th AGM on 30th Poush, 2078. Because of the unfavorable condition created by Covid-19, the AGM was postponed. Furthermore, the company also saw a technical error in its financial reports due to changes in the tax provision.

Among other agendas, the AGM will endorse a 6.3158% dividend for the fiscal year 2077/78.

The company had previously proposed a 7.3684% dividend for the fiscal year 2077/78. This was the company's first-ever dividend proposal. The 473rd meeting of the board of directors held on Poush 01 had decided to distribute the dividend on the paid-up capital of Rs. 80.01 crores. 7% bonus shares worth slightly over Rs 5.6 crores and 0.3684% cash dividend (including tax) worth Rs 29.47 lakhs were proposed.

However, the company revised its dividend proposal. 6% bonus shares and 0.3158% cash dividend were then proposed on the paid-up capital of Rs. 80.01 crores. Thus, the bonus shares are worth Rs. 4,80,06,000 and the cash dividend is worth Rs. 25,26,631. Thus, the new dividend proposal amounts to a total of 6.3158% on the paid-up capital.

Poush 19 was the book closure date for the dividend and AGM. Thus, shareholders maintained before that day are entitled to the dividend payout and can also attend this AGM.

AGM notice