Cyient launches digital centres in Telangana

K V Kurmanath Hyderabad | Updated on January 17, 2018 Published on August 29, 2016

Cyient founder and Executive Chairman BVR Mohan Reddy (left) exchanging greetings with Nasscom president R Chandrashekhar at the silver jubilee event in Hyderabad   -  Mohammed Yousuf

To incur payout of ₹34 cr in dividends

As it celebrates the Silver Jubilee of its formation, engineering services firm Cyient has launched 54 Cyient Digital Centres (CDC) in Ranga Reddy district. Being set up as part of its Corporate Social Responsibility plan, the CDCs will support schools in the Serilingampally mandal.

Each of these centres will have a computer laboratory and digital library. It will act as a National Digital Literacy Mission centre, too. The centres will have about 1,000 computers, allowing the students to learn the basics in digital education.

“The CDCs will provide high-quality digital educational resources to community members and underprivileged students, and accelerate digital literacy,” said Cyient Executive Chairman BVR Mohan Reddy.

“We believe that digital literacy is a must for any child to take part in the digital economy and country’s growth story. These digital centres will be a great step towards democratising learning for students,” he said.

Telangana IT and Industry Minister KT Rama Raoformally launched the programme at the Shilpa Kala Vedika, in Hyderabad.

Special dividend

Meanwhile, the company has declared a special dividend of ₹2.50 (50 per cent of a share with a face value of ₹5) per share to mark the silver jubilee of the company.

“The total cash out flow on payment of the special dividend, including applicable taxes, is likely to be ₹34 crore,” the company informed the Bombay Stock Exchange on Monday.

The company would go for a Restricted Stock Units (RSU) Scheme for employees on this occasion, costing ₹34 crore. “It will be charged to the company’s profit and loss account as an exceptional item over the rollout period — the period between the grant date and the vesting date,” the announcement said.

Published on August 29, 2016
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