ONGC Declares 180% Interim Dividend

The Board of Premier Navratna PSU, Oil and Natural Gas Corporation Ltd. (ONGC) has approved an Interim Dividend of 180 % for the financial year 2008-09. This amounts to Rs.18 per equity share, aggregating to Rs.3850 Crore. The most valuable public enterprise in Indian bourses has 213.89 crore paid-up equity shares of Rs. 10 each, after issuing a bonus of 1:2 in 2006.

The interim dividend was approved by the Board of the oil major in its 186th meeting held on 19th December 2008 in New Delhi. ONGC has been recognized in the financial markets for its highest dividend payouts among Indian corporates in recent years. In last fiscal 2007-08, ONGC had paid a total dividend of 320% - an interim dividend of 180% and a final dividend of 140%.

In another development, Ms. L M Vas, Additional Secretary in Department of Economic Affairs in the Ministry of Finance, has joined ONGC Board as a government nominee director. She replaces Ms. Sindhushree Khullar, who has become the Secretary in Department of Youth Affairs.

ONGC Board now has 17 members, comprising of six Executive Directors (besides Chairman & Managing Director, Mr. R.S. Sharma), two Govt. of India nominees at the level of Additional Secretary, and eight independent Directors.