1:1 bonus issue after 7 years, dividend: BPCL announces corporate actions—check out record dates; should you buy?

BPCL bonus share 2024, BPCL dividend 2024 news: Bharat Petroleum Corporation Ltd (BPCL) announced its first bonus share in seven years, a final dividend of Rs 21 per share along with the company's financial results for the March quarter on Thursday. The state-run oil marketing company (OMC) has fixed the record dates for bonus shares as well as dividend. The company announced dual corporate actions subject to approval. 

BPCL bonus share

BPCL has recommended the issuance of bonus shares in the ratio of 1:1, i.e., one new bonus equity share will be allotted for every one share held by the shareholder. 

"We wish to inform that the Board has recommended issue of Bonus Shares in the ratio of 1:1 i.e. one new bonus equity share of Rs. 10/- each for every one existing equity shares of Rs. 10/- each fully paid up subject to the approval of shareholders through Postal Ballot," the company's regulatory filing said. 

BPCL bonus share 2024 record date

The company's board has fixed Saturday, June 22 as record date to determine the ligibility of shareholders to receive bonus shares.

BPCL dividend 

State-run OMC BPCL recommended a final dividend of Rs 21 per equity share for FY24.

"The Board of Directors has recommended a final dividend of Rs. 21/- per equity share of face value of Rs.10/-each (pre-bonus), which translates into final dividend of Rs.10.5/- per equity share of face value of Rs.10/- per equity share) (post-bonus), subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM)," it added. 

BPCL dividend 2024 record date, BPCL dividend 2024 payment date

According to the filing, the final dividend would be paid within 30 days from the date of its declaration at the AGM while the record date for the final dividend will be intimated separately.

BPCL bonus history

Earlier, the company announced bonus shares in the ratio 1:2 i.e., 1 bonus share for every 2 shares held by equity shares holders as of the record date which was 7 years ago on July 13, 2017.

BPCL dividend history

Source: BSE

Should you buy, sell or hold BPCL stock?

Jefferies has maintained a 'buy' call on the OMC stock with a trimmed target of Rs 730 from Rs 890. In addition, Citi has maintained a 'buy' call on the firm, with a raised target to Rs 760 from Rs 750 earlier.

BPCL Q4 results: How did BPCL fare in Q4?

BPCL posted a 30 per cent fall in its March quarter net profit on lower refining margins.

Its consolidated net profit stood at Rs 4,789.57 crore in the January-March quarter of the 2023-24 fiscal compared to Rs 6,870.47 crore in the same period of the preceding financial year. Read more on BPCL Q4 results