Sort by
Sort by

Outcome of the Board Meeting held on 7th February 2024

The Company has informed BSE and NSE that the Board of Directors, at its meeting held on 7th February 2024, inter alia, approved the following:

I.                    Unaudited Financial Results of the Company for the fourth quarter and twelve months ended 31st December 2023 (‘UFRs’). Enclosed are the UFRs along with the Limited Review Report on the said UFRs issued by M/s. S. R. Batliboi & Co. LLP, Chartered Accountants, the Statutory Auditors of the Company and Press Release relating to the UFRs. The same are also being uploaded on the Company’s Website. The UFRs shall be published in newspapers as per the Listing Regulations. Wish to draw your kind attention that the Financial Year of the Company stands changed from “1st January - 31st December” cycle to “1st April - 31st March” cycle. Accordingly, the current Financial Year of the Company stands extended upto 31st March 2024 covering a period of 15 months commencing from 1st January 2023 to 31st March 2024, comprising five quarters (“Financial Year 2023-24”). In view of the above,  the Company considered the period from 1st October 2023 to 31st December 2023 as a standalone fourth quarter of the Financial Year 2023-24.

II.                 Declaration of Third Interim Dividend of Rs. 7/- (Rupees Seven only) per equity share of the face value of Re. 1/- each for the Financial Year 2023-24 on the entire issued, subscribed and paid-up share capital of the Company of 964,157,160 equity shares of nominal value of Re. 1/- (Rupee one only) each. Third Interim Dividend for the Financial Year 2023-24 will be paid on and from 5th March 2024 to those members whose names appear in the Register of Members of the Company and as beneficial owners in the Depositories, as on the Record Date fixed for the purpose i.e., 15th February 2024, as already intimated to the Stock Exchanges vide our letter reference no. PKR:SG: 09:24 and PKR:SG: 10:24 dated 23rd January 2024. Wish to draw your kind attention that on and from the Record Date of 5th January 2024, the equity shares of the Company have been sub-divided, such that 1 (one) equity share having face value of Rs. 10/- (Rupees ten only) each, fully paid-up, stands sub-divided into 10 (ten) equity shares having face value of Re. 1/- (Rupee one only) each, fully paid-up, ranking pari-passu in all respects.

III.               Slump sale of Nestlé Business Services (‘NBS’) Division of the Company to Purina PetCare India Private Limited, which is a related party, being a 100% subsidiary of Nestlé S.A., for an aggregate consideration of INR 798 Million. The said consideration is at an arm’s length basis and would be adjusted for net working capital transferred by the Company as on 30th June 2024. The transaction will be effective from 1st July 2024, subject to customary closing conditions. Only the Independent Directors voted on this agenda item with the Executive Directors recusing themselves.

About Nestlé Business Services (NBS) Division: The NBS Division of the Company was established as Shared Service Centre in India in 2006 to consolidate scalable services and eventually expanded its scope with sharp focus on efficiencies and automation. As on date, NBS Division predominantly provides captive services to the Company across four End-to-End Services (Order to Cash, Source to Pay, Record to Report and Hire to Retire) which helps the Company in driving operational efficiency, cost optimization, effective decision-making through data analytics, enhancing customer service, and accelerating automation of various scalable processes across the Company’s value chain.

PDF file of the letter submitted to Stock Exchange