IOC, HPCL pay dividends

By Our Staff Correspondent

MUMBAI, OCT. 7. Indian Oil Corporation, with the highest ever profit after tax of Rs. 2,720 crores recorded in 2000-01, has paid a dividend of 95 per cent amounting to Rs. 740 crores (Rs. 584 crore). The total equity share capital of the corporation is Rs. 778.67 crores.

Accordingly, demand draft for Rs. 606.78 crores representing 95 per cent dividend on the Government equity of Rs. 638.71 crores was presented to Mr. Ram Naik, Minister of Petroleum & Natural Gas, Union Government, by Mr. M. A. Pathan, chairman, IOC. In addition, a dividend of Rs. 67.42 crores was paid to ONGC towards its equity share and a dividend of Rs. 86 lakhs will be paid to the Gujarat Government soon.

Hindustan Petroleum Corporation (HPCL), for its part, presented the Minister of Petroleum & Natural Gas, Mr. Ram Naik, a cheque for Rs. 173.07 crores being the equity dividend for the year 2000-01. The corporation had declared a dividend of 100 per cent for the year which amounted to payment of Rs. 374 crores, including dividend tax, on the issued capital of Rs. 339.33 crores.

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Section  : Business
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