Sona BLW Precision Forgings , a key player in the precision forging industry, has announced significant changes in its board composition and dividend payout. The company recently held its 27th Annual General Meeting, marking a transition in its leadership structure and financial distribution to shareholders.

Board Changes

Ganesh Mani, who served as a Non-Executive and Nominee Director on the board of Sona BLW Precision Forgings, has retired from his position. His retirement took effect on July 19, 2023, following the conclusion of the company's 27th Annual General Meeting.

Mani's departure comes as part of the standard rotation process, as he was liable to retire by rotation. While eligible for re-appointment, Mani chose not to seek another term, citing pre-occupation as the reason for his decision. This move signals a shift in the company's board dynamics.

Dividend Announcement

Sona BLW Precision Forgings has recommended a final dividend for the financial year 2022-23. The company's board has proposed a dividend of Rs. 1.53 per equity share.

For shareholders looking to benefit from this dividend payout, the company has set the record date as June 30, 2023. This date is crucial for determining the eligibility of shareholders to receive the dividend.

The announcement of this dividend, coupled with the changes in the board composition, reflects the company's ongoing efforts to balance corporate governance, leadership transition, and shareholder returns.

Sona BLW Precision Forgings Limited , a key player in the automotive components industry, has achieved a significant milestone in its electric vehicle (EV) product portfolio. The company has received certification for three additional products under the Production-Linked Incentive (PLI) Scheme for the Automobile and Auto Component Industry, further solidifying its position in the growing EV market.

Certification Details

The Ministry of Heavy Industries granted approval for these certifications, with the testing agency releasing them. The newly certified products include:

• Two traction motors for electric three-wheelers
• One traction motor for electric two-wheelers

These certifications enable Sona BLW to avail benefits and incentives under the PLI scheme, potentially boosting its competitiveness in the EV component manufacturing sector.

Regulatory Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Sona BLW officially informed the stock exchanges about this development. The company's Senior Vice President (Legal) – Group General Counsel, Company Secretary and Compliance Officer, Ajay Pratap Singh, submitted the regulatory filing.

Continuing Progress

This recent achievement follows a series of PLI certifications obtained by Sona BLW. The company has been consistently expanding its certified product range, demonstrating its commitment to innovation and alignment with India's push towards electric mobility.

Market Implications

The additional PLI certifications are expected to strengthen Sona BLW's position in the electric vehicle supply chain. As the automotive industry transitions towards electrification, these certifications could provide the company with a competitive edge and potential financial benefits under the government's incentive scheme.

Investors and industry observers will likely keep a close watch on how these certifications translate into market opportunities and financial performance for Sona BLW Precision Forgings Limited in the coming quarters.