Money & Banking

Indian Bank pays Rs 356.65-cr dividend to Centre  

K. R. Srivats New Delhi | Updated on July 18, 2012 Published on July 18, 2012

Mr T.M. Bhasin, Chairman and Managing Director of Indian Bank, presenting the dividend warrant cheque to Mr Namo Narain Meena, Minister of State for Finance.

Indian Bank has paid a sum of Rs 356.65 crore to the Central Government towards equity dividend for the financial year 2011-12.

Two dividend cheques totalling Rs 297.87 crore were handed over to Mr Namo Narain Meena, Minister of State for Finance, by Mr T.M.Bhasin, Chairman & Managing Director of the bank, at North Block here.

While one cheque was for Rs 257.87 crore being the Centre’s share for the 75 per cent dividend on equity shares, the other was for Rs 40 crore being 10 per cent dividend on the perpetual non-cumulative preference shares (PNCPS) of Rs 400 crore.

Indian Bank has also deposited to the exchequer a dividend distribution tax of Rs 58.78 crore, taking the total amount of dividend payout to Rs 356.65 crore.

Currently, the Centre holds 80 per cent stake in Indian Bank. The bank's shareholders had on June 29 given their nod for 75 per cent dividend payment for 2011-12.

For the financial year 2011-12, Indian Bank had achieved net profit of Rs 1,747 crore.

>krsrivats@thehindu.co.in

Published on July 18, 2012
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