Find out all the information about the Dividend Adjustment of IGL for March 2023, including the ex-dividend date, record date, cash and F&O adjustments, and more. Discover how Indraprastha Gas Limited will adjust its dividends according to SEBI regulations.
IGL Limited a joint venture of GAIL, BPCL, and the Government of NCT Delhi announced the Interim Dividend of ₹ 10 per share on March 23, 2023. This translates to a yield of 2.28% based on the closing price of ₹ 439.40 on March 22, 2023. The ex-dividend date is set for March 31, 2023, with the record date for dividend payment scheduled for March 31, 2023.
SEBI’s Guidelines for Dividend Adjustment in F&O
As per SEBI regulations, companies declaring dividends higher than 2% of the preceding day’s closing price must adjust the dividends in futures and options markets. In compliance with these rules, IGL will adjust its dividends in both the futures/options and cash markets.
Dividend Adjustment of IGL for March 2023 in the Cash
Investors who buy IGL shares on or prior to March 29, 2023, will receive the cash dividends directly to their bank accounts, as this is the last cum-dividend date for the stock in the cash market.
Dividend Adjustment of IGL for March 2023 the Futures
In the futures market, IGL’s futures contracts will be adjusted by subtracting the dividend amount from the March 29, 2023 closing price. For instance, if IGL closes at ₹ 440 on March 29, 2023, one futures contract would be worth ₹ 440 x 1375 = ₹ 6,05,000. The next working day, March 31, 2023, the value of the same contract would be adjusted to ₹ 430 x 1375 = ₹ 5,91,250. The difference between these two values will be transferred from the futures seller’s account to the futures buyer’s account.
Dividend Adjustment of IGL for March 2023 in the Options
In the options market, the dividends will be subtracted from the call and put option strike prices for ongoing monthly contracts i.e. April 27, 2023, and those expiring on, and May 25, 2023, and June 29, 2023. This can be understood through the table given below:
IGL Dividend Adjustment
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