Prabhu Insurance Company has proposed to distribute dividend from the last financial year’s profit. The company has proposed a total dividend of 11.58 per cent of the existing paid-up capital and a cash dividend of 0.58 per cent for tax purposes.
The meeting of the board of directors of the company held on January 12 announced the dividend to be distributed to the shareholders. The proposed dividend will be received by the investors after the approval of the Insurance Committee and approval of the next general meeting of the company.
At present, the company’s paid up capital is Rs 1 arba 16 crore. With the passage of the proposed dividend, the company’s paid-up capital will reach Rs 1 Arba 28 Crore. The Insurance Committee has stopped the insurance companies from paying cash dividends and the company ha announced to give only bonus shares.