Dec 26, 2006

ONGC to pay Rs 18/shr, govt to net Rs 2,850cr

The board of directors of Oil & Natural Gas Corporation (ONGC), which met on December 23, 2006, has declared an interim dividend @ Rs 18/- per share (180%) for the financial year 2006-2007. According to a release issued by the company to the BSE today, this is on the post-bonus expanded equity capital. Earlier during the year, the company had issued bonus shares in the ratio 1:2 thus increasing its capital from Rs 1,426 crore to Rs 2,139 crore.In absolute terms, the 180% interim dividend works to a pay-out of Rs 3,850 crore (on the post-bonus paid-up capital of Rs 2,139 crore) including the Government of India share (74.14%) of Rs 2,854 crore."The interim dividend of 180% in the current fiscal is equivalent to 270% in pre-bonus terms, and 8% higher compared to the interim dividend of last fiscal. In FY2005-06, the company had declared an interim dividend of 250% and an aggregate dividend of 450% amounting to Rs 6,417 crore," the release added.
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