By IANS,
New Delhi: The state-run Oil and Natural Gas Corporation (ONGC) Thursday approved a dividend of Rs.32 per share, a special dividend and a stock split before the government divests its stake in the company early next year.
The company’s board approved a special interim dividend of Rs.32 per share for the current financial year. “The government will get about Rs.5,074 crore as the largest shareholder,” said ONGC chairman R.S. Sharma.
The government holds about 74.11 percent of the company’s equity.
Also approved was a subdivision of each equity share of Rs.10 into two equity shares of Rs.5 each and issuance of bonus shares in the proportion of one new equity share for each share held.
Total issued shares of the company will increase from 2,139 million to 8,556 million.
The government plans to bring down its stake in ONGC from the current levels to 69.14 percent through a public offer.
“Based on the current indications, the follow-on public offer should open around the first week of March,” said Sharma.
The company’s stock at the Bombay Stock Exchange ended 0.55 percent higher at Rs.1,329.10.