Indian Oil approves 1:2 bonus issue of shares, recommends dividend
Premium- The Board has fixed 1 July as record date to determine the eligibility of shareholders to receive bonus shares.
Indian Oil Board has recommended issue of bonus shares in the ratio of 1:2, i.e, for every two existing shares investors hold, one new bonus equity share will be issued.
The issue is subject to approval of shareholders through postal ballot. The Board has fixed 1 July as record date to determine the eligibility of shareholders to receive bonus shares.
The has also recommended a final dividend of ₹3.60 per equity share having face value of ₹10 each (pre-bonus), which translates into final dividend of ₹2.40 per equity share having face value of ₹10 each (post-bonus) for financial year 2021-22.
Indian Oil, the nation's biggest oil firm, on Tuesday reported a 31% per cent drop in the fourth quarter net profit as record refining margins were wiped away by a margin squeeze in petrochemicals and losses on auto fuel sales.
Standalone net profit of ₹6,021 crore, or ₹6.56 a share, in January-March, compared with ₹8,781 crore, or ₹9.56 per share, in the same period a year back.
Sequentially, the profit was higher than ₹5,861 crore in the previous quarter.
For the fiscal April 2021 to March 2022, IOC posted the highest-ever revenue by any Indian corporate at ₹7.28 lakh crore.
MINT PREMIUM See All
Reliance Industries Ltd had earlier this month reported ₹7.92 lakh crore revenue for the fiscal FY22. This was claimed to be the highest ever by an Indian company but it included GST, which the company collected on behalf of the government on sale of products and is obligated to transfer to the government.