Last Updated: October 04, 2023, 11:25 IST
Nestle Share Price Today: Nestle India Ltd.’s shares on Wednesday, October 4, rallied as much as 4.45 per cent to hit a high of Rs 23,333.65 apiece on the BSE in the early trade after the company informed that in its board meeting scheduled for October 19, will consider declaring a second interim dividend for 2023, if any. In addition, the board of the company will also be considering the proposal of a stock split, the company said in its exchange filing.
The company’s board will meet later this month to consider the unaudited financial results of the company for the third quarter and nine months ended September 30, 2023.
In case the board approves a stock split, it will be the first one for the company in at least the last two decades.
A stock split is a corporate action, in which a company issues additional shares to shareholders, increasing the total shares by the specified ratio based on the shares they held previously. Companies often choose to split their stock to lower its trading price to a more comfortable range for most investors and to increase the liquidity of trading in its shares.
Including an interim and a final dividend, Nestle India paid Rs 98 to shareholders in April this year.
The highest dividend it has paid in recent times is Rs 180, which it paid in August of 2019.
Thus far in the calendar year 2023, the stock price of Nestle India has rallied 18 per cent as compared to a 6.3 per cent rise in the S&P BSE Sensex.
As on June 30, 2023, the promoters held 62.76 per cent stake in Nestle India. Of the remaining 37.24 per cent held by public shareholders, foreign portfolio investors held 12.38 per cent holding and domestic institutional held 9.05 per cent stake, the shareholding pattern data shows. Individual shareholders held 12.85 per cent holding, data shows.
Nestle India is the India unit of Nestle S.A. and is involved in the manufacturing of branded milk products and other food products. It is also known for manufacturing Maggi noodles, soups and sauces.