The FINANCIAL — Oil India Limited (OIL), a Premier National Oil Company, declared an interim dividend of 125% for the financial year 2007-2008. The Company had last year paid a total Dividend of 260% for the year 2006-07.
The Company handed-over a Cheque for Rs.262.50 Crore to Government of India, as first interim dividend 125% for the financial year 2007-2008. The Cheque for the said amount was presented to Shri M.S.Srinivasan, Secretary, Ministry of Petroleum and Natural Gas, Govt. of India by Shri M.R.Pasrija, Chairman and Managing Director of Oil India Limited.
Total Dividend paid to the Government of India for the year 2006-2007 was to Rs.546.00 Crore being 260% of the paid up capital of Rs.210 Crore held by the President of India, out of which the first interim dividend was 110%.
OIL's proposed IPO, and issuance of shares to employees have already been approved by the Government. The Company is targeting the IPO during the 1st Quarter of 2008, subject to SEBI's clearance. The issue comprises a net issue to the public of upto 2,40,45,438 equity shares and a reservation of upto 24,04,554 equity shares for subscription by eligible employees as defined in the Draft Red Herring prospectus.
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