The Hindu Business Line : ONGC declares 180% interim dividend

Oil and Natural Gas Corporation Ltd (ONGC) on Saturday declared an interim dividend of 180 per cent (Rs 18 per share on equity share of Rs 10 each) for the financial year 2006-07 involving a payout of Rs 3,850 crore to its shareholders.

This interim dividend is on an expanded post-bonus equity capital of Rs 2,139 crore and is the oil major's highest ever payout of such a dividend.

From this interim dividend, which was approved by the ONGC board at a meeting here, the Government would receive Rs 2,854 crore for its 74.14 per cent stake in the company.

In the first half of the current fiscal, ONGC had reported an 11 per cent increase in net profit at Rs 8,293 crore as compared to Rs 7,457 crore in the same period last year.

Earlier in the year, ONGC had issued bonus shares in the ratio 1:2, thereby increasing its capital to Rs 2,139 crore from Rs 1,426 crore.

In a statement, ONGC said the 180 per cent interim dividend declared during the current fiscal was equal to 270 per cent in pre-bonus terms.

In fiscal 2005-06, ONGC had declared an interim dividend of 250 per cent and aggregate dividend of 450 per cent amounting to Rs 6,417 crore.

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