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ONGC declares highest-ever Interim
Dividend of Rs. 3850 cr
Dated: 23rd December, 2006
An interim dividend of 180 per cent (Rs. 18 per share), has
been declared by the Board of Oil and Natural Gas Corporation
Ltd. (ONGC), in its 162nd meeting held in New Delhi, today.
This is on the post-bonus expanded equity capital of ONGC.
Earlier during the year, ONGC had issued bonus shares in the
ratio 1:2, thus increasing its capital from Rs. 1,426 Crore to
Rs. 2,139 Crore.
The interim dividend of 180 per cent in the current fiscal is
equivalent to 270 per cent in pre-bonus terms, thus 8 per cent
higher compared to the interim dividend of last fiscal
2005-06. In FY 2005-06, ONGC had declared an interim dividend
of 250 per cent and an aggregate dividend of 450 per cent
amounting to Rs. 6,417 Crore.
In absolute terms, this interim dividend works out to a
pay-out of Rs. 3,850 Crore (on the post-bonus paid-up capital
of Rs. 2,139 Crore), including Government of India share
(74.14%) of Rs. 2,854 Crore. This is the highest-ever interim
dividend paid by ONGC.
In addition, ONGC will be paying a dividend tax on the above,
which works out to be Rs. 540 Crore. It has also been decided
to pay the dividend immediately after the record date of 28th
December 2006, without waiting for the mandatory 30 days
period.
The net profit (PAT) of the Corporation for the half-year for
FY 2006-07 is Rs.8,293 Crore, up 11% against Rs. 7,457 Crore
for the corresponding period previous year.
Speaking on the occasion, C&MD of ONGC Mr. R S Sharma said
that notwithstanding the continuing volatility in crude
prices, the Board decided to reiterate ONGC’s commitment to
live up to shareholders’ expectations for value enhancements.
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