FMCG major Nestle India on Wednesday declared an interim dividend of Rs 27 for 2023 for the entire issued share capital.

The board of the company in a meeting held on Wednesday approved “an interim dividend of Rs 27 per equity share of Rs 10 each for the year 2023 on the entire issued, subscribed and paid-up share capital of the company of 9,64,15,716 equity shares of the nominal value of Rs 10 each,” the company said in a regulatory filing.

Nestle India, which follows the January-December calendar year as financial year, said the interim dividend for 2023 will be paid on and from May 8, 2023, along with the final dividend for the year 2022, if approved by the members at the 64th Annual General Meeting scheduled to be held on April 12, 2023.

It has fixed April 21, 2023 as the record date to determine the eligibility of shareholders for the payment of said interim dividend.

Nestle India is going to declare its results for the March quarter on April 25, 2023.

On October 31, 2022 Nestle India declared a second interim dividend of Rs 120 and a final dividend of Rs 65 on Apr 21, 2022.

Shares of Nestle India were trading at Rs 19,401.40 on the BSE in the afternoon, down 1.38 per cent from the previous close.

It closed at Rs 19,420 down 1.28 per cent or Rs 251.90 from close Tuesday.

Nestle India is on a path to accelerated growth in rural areas amid a big question over the performance of these markets in India, company chairman and managing director Suresh Narayanan had said.

The company is increasing its reach in what it terms “Rurban” – a combination of rural and semi-urban areas.

“When there is a big question on rural India and rural growth, I do admit that rural play of Nestle is only 20 per cent but you see the growth has been around 25 per cent to 26 per cent. Again rural India for Nestle India is resonating and we are on a path to accelerated growth in rural markets as well,” he told analysts in an earnings call.