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New Delhi, Dec 19 The ONGC board has approved an interim dividend of 180 per cent for the financial year 2008-09. According to a statement issued by the company, “this amounts to Rs 18 for every equity share, aggregating to Rs 3,850 crore.”

ONGC has been recognised in the financial markets for its highest dividend payouts among Indian corporates in recent years. In fiscal 2007-08, ONGC had paid a total dividend of 320 per cent — 180 per cent interim and 140 per cent final dividend.

In another development, Ms L.M. Vas, Additional Secretary in the Department of Economic Affairs — Ministry of Finance, has joined the ONGC board as a Government nominee director, the statement said. She replaces Ms Sindhushree Khullar, who has been appointed Secretary in the Department of Youth Affairs.

The ONGC board now has 17 members, comprising six executive directors (besides the Chairman and Managing Director, Mr R.S. Sharma), two Government nominees at the level of Additional Secretary, and eight independent directors.

More Stories on : Dividend Announcement | Petroleum | Oil & Natural Gas Corporation Ltd

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