DETROIT -

About eight months after rolling out its initial public offering, General Motors revealed a quarterly dividend on its preferred stock this week.

GM’s board of directors approved a $0.59375 per share divided on the company’s Series B mandatory convertible junior preferred stock, officials noted.

Series B holders of record as of Aug. 15 will be paid the dividend on Sept. 1. The dividend is cumulative, and its total amount is roughly $59.4 million.

After the over-allotment was fully exercised by underwriters, GM’s IPO last fall pulled in $23.1 billion.