ONGC declares 180% interim dividend amounting to Rs 3850 crores

New Delhi, Dec 22 (UNI) Oil and Natural Gas Corporation Ltd (ONGC) today announced the highest ever interim dividend of 180 per cent for the financial year 2006-07 involving a payout of Rs 3,850 crore to its shareholders.

This interim dividend is on an expanded post-bonus equity capital of Rs 2,139 crore and is priced at Rs 18 per share on equity share of Rs 10 each which is the oil major's highest ever payout of such a dividend.

''Notwithstanding the continuing volatility in crude prices, the Board decided to reiterate ONGC's commitment to live up to shareholders expectations for value enhancements,'' ONGC Chairman and Managing Director R S Sharma said in a statement.

From this interim dividend, which was approved by the ONGC board at a meeting here, the Government will receive Rs 2,854 crore for its 74.14 per cent stake in the company.

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

UNI