Mumbai-based automaker Mahindra & Mahindra Ltd. said May 29 that its board of directors recommended a dividend of 8.50 Indian rupees per 5 rupees face value of an ordinary share.

The company also announced that Ravi Kulkarni and Anupam Puri will step down as independent directors, effective Aug. 8.

Kulkarni and Puri both joined Mahindra's board in 2014.

As of May 28, US$1 was equivalent to 69.60 Indian rupees.