Oil and Natural Gas Corporation Ltd Declared 1:2 Bonus and an interim dividend of ₹4.50 on each equity share of ₹5 for 2016-17

 

Oil and Natural Gas Corporation(ONGC) Ltd on Thursday rewarded its shareholders with a 1:2 bonus.

 It also declared an interim dividend of 90 per cent for 2016-17, which would result in a dividend of ₹4.50 on each equity share of ₹5. 

The total payout on this account will be ₹3,850 crore, said DK Sarraf, Chairman and Managing Director, ONGC.

ONGC will also fork out ₹784 crore to the Central government as dividend distribution tax. 

The Centre, which holds 68.93 % stake in ONGC, will receive an interim dividend of ₹2,654 crore, Sarraf told 

The record date for distribution of dividend has been fixed for November 05,2016

With the latest bonus announcement, a shareholder would get one bonus share of ₹5 each for every two shares held in the company. 

This is subject to approval of shareholders. 

The last time ONGC declared a bonus was in 2010-11 (1:1). 

Prior to that, a bonus of 1:2 was declared in 2006-07. In 1995-96, ONGC had issued a bonus of 3.08:1. 

ONGC had, some years ago, split its share of the face value of ₹10 each, fully paid into two shares, each of face value of ₹5 each, after which the bonus issue of 2010-11 was carried out. 

If approved by shareholders, each equity share of ₹10 each held by shareholders prior to 1995-96, would now amount to 36.72 equity shares of ₹5 each. 

ONGC on Thursday Oct 27,2016 reported a net profit of ₹4,975 crore for the second quarter ended September 2016. 

This was 6.3 % higher than the net profit of ₹4,681 crore recorded in the same quarter last year.

Gross revenue for the quarter under review declined to ₹18,395 crore (₹20,512 crore).