MUMBAI, June 22: Lakme Ltd has set an interim dividend of Rs 60 per share for the 15-month period ending June 30, 1998, according to a notice to the Bombay Stock Exchange.The board of directors of the company met on Monday to approve the above proposal.
Lakme Ltd had sold to Hindustan Lever Ltd (HLL) its interests and investments in the capital of Lakme Lever Ltd, a joint venture with HLL, and its manufacturing assets. The Lakme directors had promised to distribute most of the income as dividend to shareholders.
However, an announcement on the second dividend, is still pending. Chairperson Simone Tata had mentioned at the company's EGM on May 14 that the board would consider the second dividend after the union budget is announced, as "changes announced in the budget on dividend tax would have to be taken into account".
Even after paying the 600 per cent dividend, the company would still have Rs 173 crore of liquid assets and Rs 20 crore worth of fixed assets.
The company has now zeroed in onretailing after having conducted expansive studies on the potentials of the business. Lakme Ltd, through subsidiary company Lakme Exports, acquired Littlewoods for approximately Rs 6 crore.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
