Coal In­dia an­nounces in­terim div­i­dend

The Pak Banker - - COMPANIES/BOSS -

KOLKATA: The govern­ment will get Rs.17,308 crore in in­terim div­i­dend from Coal In­dia Ltd as it seeks to ex­plore more op­tions to garner non-tax rev­enue. Coal In­dia on Satur­day de­clared an in­terim div­i­dend of Rs.27.40 per share and the to­tal outgo will be Rs.20,830 crore, in­clud­ing div­i­dend tax. The largest ben­e­fi­ciary will be the cen­tral govern­ment which holds 79.64% and will get a div­i­dend of Rs.17,308 crore, a com­mu­nique said.

The govern­ment has been able to mo­bilise a lit­tle over Rs.18,300 crore from di­vest­ment this fis­cal till Fe­bru­ary against the tar­get of Rs.69,500 crore due to volatil­ity in stock mar­kets. As an al­ter­na­tive to sell­ing stake through pub­lic of­fers, the govern­ment had asked cash-rich Coal In­dia Ltd, Na­tional Alu­minium Co. Ltd (NALCO), NMDC Ltd and MOIL Ltd among half a dozen PSUs to buy back shares or an­nounce ad­di­tional div­i­dend on the top of man­dated 30%.

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