Oil India pays Rs 262.50 cr dividend to government

New Delhi, Jan 4 (UNI) Declaring a dividend of 125 per cent, state-run explorer Oil India Ltd (OIL) today handed over Rs 262.50 crore to the government for the financial year 2007-2008.

The total dividend paid to the government for the year 2006-2007 was Rs 546 crore, being 260 per cent of the paid-up capital of Rs 210 crore, out of which the first interim dividend was at 110 per cent, a statement said.

The cheque was given to Petroleum Secretary M S Srinivasan by Mr M R Pasrija, Chairman and Managing Director of OIL.

The firm's proposed IPO and issuance of shares to employees have already been approved by the government which is expected to open in the first quarter this year, subject to market regulator Securities and Exchange Board of India's clearance.

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