A majority of the promoters’ group and its entities of BigBloc Construction, one of India’s largest manufacturers of aerated autoclaved concrete blocks, bricks and panels, have decided to waive off their dividend rights announced for FY23, considering the ongoing expansion plans of the company.  

The board of directors of the company took note of this issue at their meeting held on August 29. The remaining shareholders will receive the dividend, subject to shareholders’ approval at the annual general meeting (AGM).  

Promoters’ group entities, comprising 60.03 per cent equity shares of the company out of total 72.27 per cent held by promoters’ group, informed their decision to waive off the dividend rights announced for FY23. The company’s board at its meeting held on May 24, 2023, had recommended a final dividend of Re 0.40 at the rate of 20 per cent per equity shares of Rs 2/- each for FY23, subject to shareholders’ approval at the AGM. 

In a joint venture with Thailand’s SCG Group, BigBloc is setting up 3 lakh cbm per annum plant for ALC panels and AAC blocks at Kapadvanj Ahmedabad (Gujarat). It is also expected to commence work on the phase-II of the Wada Project in Palghar, Maharashtra, in the current financial year. In addition, the company has installed solar rooftop projects at its Umargam unit and will be installing at Kapadvanj manufacturing facilities to keep the carbon footprints to the lowest possible.