NBFC major Bajaj Finance's board has recommended a dividend of Rs 30 per share or 1500 percent for the financial year ended March 31, 2023, along with earnings for the fourth quarter.

Bajaj Finance has fixed Friday, June 30, 2023, as the record date for determining the eligibility of shareholders for the proposed dividend.

"In line with the Company's Dividend Distribution Policy, the Board of Directors have recommended a dividend on equity shares at the rate of Rs 30 per share (1500%) of face value of Rs. 2 each. for the financial year ended 31 March 2023," the company said in a filing.

"The said dividend, if declared, by the shareholders at the ensuing Annual General Meeting, will be credited/dispatched on or about 28 July 2023 or 29 July 2023," the statement read.

Bajaj Finance has declared 23 dividends since June 29, 2001. In the past 12 months, Bajaj Finance has declared an equity dividend amounting to Rs 20.00 per share, according to data from Trendlyne.

At the current share price of Rs 6055.95, this results in a dividend yield of 0.33 percent.

Bajaj Finance posted a 30 percent jump in its March quarter (Q4FY23) profit at Rs 3,158 crore, beating estimates. A CNBC-TV18 Poll has pegged the profit figure at Rs 3,110.1 crore.

Revenue from operations of the financial services firm grew 24 percent to Rs 11,359.59 crore from Rs 8,626.06 crore in the year-ago quarter.

Shares of Bajaj Finance Ltd settled 0.30 percent lower at Rs 6,057.00 apiece on the NSE in Wednesday's trade ahead of its March quarter results. The stock touched a 52-week high of Rs 7,777 on September 22, 2022 and 52-week low of Rs 5,235.6 on June 17, 2022.

The stock has an average price target of Rs 7,731, according to Trendlyne data, implying an upside potential of 27.92 percent.