TCS share price hits record high after IT major shares updates on bonus, dividend

TCS share price hits record high on Monday, gains over 2 per cent after the IT major fixed June 2, 2018 as the record date for issuing bonus shares. The stock gained as much as 2.5 per cent to Rs 3591.85 on the BSE even as the benchmark indices remained under pressure.

TCS is India's most valued firm in terms of market capitalisation and among 60-odd firms worldover whose market cap rules above $100 billion. The stock has rallied over 32 per cent on a year-to-date basis. By comparison, the Sensex added just 2 per cent.  

"We wish to inform that pursuant to Regulation 42 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors has fixed Saturday, June 2 2018 as the Record Date for determining the entitlement of members to receive Bonus Shares," the company said in a regulatory filing. 

"The Bonus Shares, once allotted, shall rank pari-passu in all respects with and carry the same rights as the existing Equity Shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared after the new Equity Shares are allotted," TCS added.  

The company also informed the exchanges that the twenty-third Annual General Meeting (AGM) of the Company will be held on Friday, June 15, 2018 wherein it will take a call on issuing dividend as was announced on Q4 results day. 

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"If the final dividend as recommended by the Board of Directors is approved at the AGM, payment of such dividend will be made on Tuesday, June 19, 2018," it said. 

The Directors have recommended a final dividend of Rs 29 per equity share of Rs 1 each of the company for approval by the shareholders at the ensuing AGM of the Company.