Oil India Dividend: After 1:2 Bonus, PSU to pay dividend of Rs 3.75 per equity

State-owned Oil India Limited is all set to reward its shareholders with dividends. The PSU's Board had earlier recommended issuing bonus shares in the ratio 1:2, which means eligible shareholders received one additional share for every two Oil India stocks held.

Oil India will now distribute dividends to its eligible shareholders. To determine eligibility, the PSU has also fixed a record date and ex-date, before which shareholders must hold their shares to be eligible for the upcoming dividend.

Oil India's Board of Directors had earlier in May recommended a final dividend of Rs 3.75 per equity share for the financial year 2023-24 on the face value of Rs 10 each. This amount, post-bonus, translates to Rs 2.50 per equity share.

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"The final dividend is in addition to the Interim Dividend of Rs. 3.50/- (pre-bonus) and second Interim Dividend of Rs. 8.50/- (pre-bonus) paid for the financial year 2023-24," it added.

Oil India Dividend Record Date has been fixed as Friday, August 30.

The PSU company has not yet fixed a payment date for its upcoming dividend, however, the company said that the dividend would be paid within 30 days from the date of declaration at its next annual general meeting (AGM).

"This is to inform that the 65th Annual General Meeting (AGM) of Members of the company will be held on Saturday, 14th day of September,2024 at 11:00 a.m. (IST) through video Conferencing (VC)/other Audio visual Means (OAVM)," said the PSU.

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Oil India has consistently been rewarding its shareholders with dividends for the past 15 years. The PSU has declared a total of 36 dividends since February 10, 2010. It had announced two interim dividends of Rs 8.5 and Rs 3.5 per equity share in FY24. Earlier in FY23, it announced two interim dividends of Rs 10 and Rs 4.5 per equity share and a final dividend of Rs 5.5 per equity share.

In the past 12 months, Oil India has declared an equity dividend amounting to Rs 17.5 per share. Therefore, at the current market price of Rs 682, Oil India's dividend yield comes at 2.57 per cent.

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