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ONGC to pay 250 p.c. interim dividend
Special Correspondent
NEW DELHI:
The board of Oil and Natural Gas Corporation Limited (ONGC) has declared an interim dividend of 250 per cent or Rs. 25 per share for 2005-06. In absolute terms, this works out to a pay out of Rs. 3,564.82 crore, including the government share of Rs. 2,642.60 crore. This is the highest-ever interim dividend paid by the company.
In addition, the company will be paying a dividend tax that works out to Rs. 500 crore.
An ONGC release says this is 50 percentage points higher than the interim dividend declared in 2004-05. The company had then declared an interim dividend of 200 per cent and a total dividend of 400 per cent amounting to Rs. 5,704 crore. It has also been decided to pay the dividend immediately after the record date of December 28 instead of waiting for the mandatory 30 days.
The company's net profit for the half year of 2005-06 is Rs. 7,457 crore.
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