Macrotech Developers board has approved one-for-one bonus issue of shares along with a dividend of ₹2 per share.

This is the first time that the company is paying dividend to its shareholders. The company said that it intended to pay out 15-20 percent of its net profit as dividend in the future, subject to remaining below its internal debt ceiling.

The real estate developer which announced its annual and March quarter results on Saturday said that it has reduced its net debt to just over ₹7,000 crore at the end of March.

For the quarter to March 31 the company reported a net profit of ₹744.4 crore, up 39 percent on year, though revenue fell 5.5 percent to ₹3,255.4 crore. Its net profit got a boost due to a write-back of tax of ₹234.6 crore.

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