Coal India to offer Rs 8,044 crore dividend to government
Coal India's total payout on account of dividend payment would be to the tune Rs 10,242 crore
The Centre is expected to get around Rs 8,044 crore on account of dividend from Coal India as the miner`s board approved payment of interim dividend for the financial year 2017-18 at a rate of Rs 16.50 per share. The miner`s total payout on account of this would be to the tune Rs 10,242 crore.
"The Board of Directors of CIL (Coal India Ltd) in its meeting on Saturday, March 10, 2018 had approved payment of Interim Dividend for the financial year 2017-18 at the rate Rs 16.50 per share of the face value of Rs 10 as recommended by the Audit Committee of CIL in its meeting held on date," the miner said in a regulatory filing. The government holds 78.55 per cent of share in the company and the rest is public shareholding.
In addition to dividend amount, the Central government is also expected to get around Rs 2,085 crore on account of tax.