Cigarette maker Godfrey Phillips India on Thursday declared an interim dividend of Rs 24 per share amid a tussle among members of the promoter family for settlement of business empire set up by late industrialist KK Modi.

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The board of directors of the company has declared an interim dividend of 1,200 per cent at Rs 24 per share of face value of Rs 2 each on 5,19,93,920 equity shares for 2019-20, Godfrey Phillips India (GPI) said in a statement.

The record date for the payment of interim dividend has been fixed on March, 18, 2020, it added.

"We are committed to enhancing shareholder value consistently in the medium and long term. Continuing with KK Modi's legacy, we are highly invested in our employees as well as customers," GPI President and Managing Director Bina Modi said.

She further said, "Our company will also strive to deliver profitable and sustainable growth in the coming years."

Earlier this week, the Delhi High Court had dismissed a petition filed by Bina Modi seeking to restrain her son Lalit Modi from going ahead with arbitration proceedings in Singapore.

Lalit Modi had sought selling of various assets, including family-controlled businesses of the KK Modi group and divide between Bina Modi, her two children Charu Bhartia and Samir Modi and himself.

GPI is the flagship firm of Modi Enterprises selling cigarettes under brands such as Four Square, Red & White, and ?Cavanders.

It also has ?an exclusive sourcing and supply arrangement with Philip Morris International to manufacture and distribute Marlboro brand in India.