3M India Ltd to reduce royalty payment to parent as 1.95%

The Board of Directors of 3M India Limited at its Meeting held on September 29, 2023 (Friday) has approved amendments to the Intellectual Property Agreement with 3M Company USA and 3M Innovative Properties Company (3M IPC), for the provision of technology, intellectual property, products and services to 3M India Limited. With the said amendments, effective retrospectively from April 1, 2023, the royalty payable will now reduce from 2.4% of total turnover to 1.95% of turnover (royalty was 1.54% of turnover in FY 22-23 under the previous rates).

Shares of 3M India Limited was last trading in BSE at Rs. 30864.70 as compared to the previous close of Rs. 31186.65. The total number of shares traded during the day was 90 in over 72 trades.

The stock hit an intraday high of Rs. 31399.95 and intraday low of 30653.05. The net turnover during the day was Rs. 2800755.00.

Source : Equity Bulls

Keywords

3MIndia INE470A01017 Royalty ParentCompany Revision