Godrej Consumer Products Ltd. (GCPL) rewarded shareholders on Tuesday with a liberal bonus issue of 1:1 (one bonus share for one equity share held), in addition to a fourth interim dividend of Rs 12 per share. The company declared its Q4 and FY2017 results and also announced that Nisaba Godrej, daughter of chairman Adi Godrej, will succeed him as the head of the company.
"Issue of Bonus Shares in the ratio of 1:1, i.e. one bonus equity share of Re. 1/- each for every one fully paid-up equity share held, as on the record date. The record date to ascertain members eligible to receive bonus shares will be fixed in due course.
"Declared a fourth interim dividend @ Rs. 12/- per share (1200% on the shares of the face value of Re. 1/- each) for the financial year 2016-17. As intimated earlier the Record Date for ascertaining the names of the shareholders who will be entitled to receive the said dividend is May 17, 2017. The dividend will be paid on May 31, 2017," the company said in a regulatory filing to the BSE.
The 39-year-old Nisaba is currently one of the executive directors of the Mumbai-based company. Adi Godrej will now be the chairman emeritus of the company. Vivek Gambhir will continue as Managing Director and CEO of the company.
The changes will be effective from May 10, 2017.
Q4 results
The company's fourth quarter consolidated net profit increased 212 percent to Rs 390 crore for Q4 in comparison to Rs 125 crore in the year-ago period. Sales rose 12.2 percent to Rs 2,390 crore.
The increase in sales was driven by 10.3 percent growth in India and 47 percent in Africa.
GCPL shares closed 9.74 percent higher at Rs 1929 apiece on the BSE on Tuesday.
