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The board of directors of GAIL (India) Ltd. on Monday approved a second interim dividend of ₹2.5 per equity share on the post buy-back paid-up equity share capital of the firm.
GAIL had reported a consolidated net profit of ₹1,897.04 crore for the third quarter of the ongoing financial year, 6.5 per cent lower on a year-on-year basis.
On January 15, the GAIL board had declared an interim dividend of ₹2.50 per equity share, amounting to ₹1,127.54 crore.
The company board had also approved buyback not exceeding 6,97,56,641 fully paid-up equity shares at ₹150 apiece, for an aggregate consideration not exceeding ₹1,046.35 crore, excluding applicable taxes.
GAIL’s new interim dividend is part of a second wave of dividend declarations by government companies. Power Finance Corporation Ltd. had announced an interim dividend on ₹8 per equity share on Friday. The boards of Indian Oil corporation Ltd. and Bharat Petroleum Corporation Ltd. will meet tomorrow to discuss a second interim dividend.
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