ONGC declares interim dividend of Rs 3,850 cr

New Delhi, Dec 23: State-owned Oil and Natural Gas Corporation (ONGC) today declared highest-ever interim dividend of 180 per cent, amounting Rs 3,850 crore (Rs 18 per share).

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's share (74.14 per cent) of Rs 2,854 crore, the company announced in its 162nd Board meet.

''Notwithstanding the continuing volatility in crude prices, the Board decided to reiterate ONGC's commitment to live up to shareholders' expectations for value enhancements,'' company's CMD R S Sharma said.

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 December 28, without waiting for the mandatory 30 days period.

Earlier during the year, the company 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 eight per cent higher compared to the interim dividend of last fiscal 2005-06.

In FY 2005-06, the company had declared an interim dividend of 250 per cent and an aggregate dividend of 450 per cent amounting to Rs 6,417 crore.

The net profit of the corporation for the half-year for FY 2006-07 is Rs 8,293 crore, up 11 per cent against Rs 7,457 crore for the corresponding period previous year.

UNI