Photo: Bloomberg
Photo: Bloomberg

Oil India declares Rs8 per share interim dividend, govt to gain Rs325 crore

The government holds 40.66 crore shares in Oil India Ltd

New Delhi: State-owned Oil India Ltd (OIL) on Tuesday declared an interim dividend of 8 per share for the current fiscal, a move that will give the government over 325 crore.

The government holds 67.64% stake in the nation’s second biggest state oil explorer.

“OIL board in its meeting held on 12 January 2016 has inter-alia declared interim dividend of 8 per share (80%) for the year 2015-16," the company said in a regulatory filing.

The government’s 40.66 crore shares in OIL will entitle it for a dividend of 325.29 crore. The government will additionally also get dividend tax. The total payout for the company on account of the interim dividend would be 481 crore.

The government had last week asked state firms to pay a minimum dividend of 30% to help make up for budgetary deficit. The record date for payment of dividend is 20 January.

“Dividend is payable on and from 21 January 2016. Payment will be completed on and before 10 February 2016," OIL said in a statement. PTI

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