ONGC approves Rs 6,884 cr dividend for FY08

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New Delhi, Sept 19 (UNI) ONGC, the country's leading oil explorer, today recommended a dividend of Rs 32 per share, which aggregates to a total of Rs 6,844 crore for 2007-08.

''The company has ambitious growth plans. For prudent fiscal management, it is desirable to retain substantial funds for investment and growth perspectives to address the aspirations of the shareholders,'' ONGC CMD R S Sharma said here.

This is besides Rs 1,163 crore payable as tax on dividend, he said.

The firm had paid an interim dividend of Rs 18 a share (180 per cent) in December 2007.

After the AGM approval, the final dividend of Rs 14 per share (140 per cent) will be paid in the next few days, Mr Sharma said.

''The budgeted capex for the current fiscal 2008-09 is Rs 19,338 crore, which is 10 per cent more than the last year actual of Rs 17,651 crore,'' he apprised.

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