GAIL Tanks 4% on Ex-Dividend Day, Dividend Break-up For Govt & Shareholders?
By Malvika Gurung
Investing.com -- The state-owned natural gas major GAIL (NS: GAIL ) (India) is under focus in the ongoing session as its shares turned ex-dividend on Tuesday, for an interim dividend of 40%. Its shares tanked 3.9% to Rs 105.55 apiece at 9:38 am on Tuesday.
GAIL (India) is a central PSU and has been awarded a ‘Maharatna’ status by the Government of India. It is also the largest natural gas company in the country.
The Maharatna PSU’s Board of Directors declared an interim dividend of Rs 4/share, translating to a 40% dividend on the paid-up equity share capital for the financial year 2022-23, in a meeting held last week.
This accorded a total dividend amount of Rs 2,630 crore.
Currently, the Indian Government holds a shareholding of 51.52% in GAIL and based upon it, the dividend amount underlined to be paid to the Government stands at approximately Rs 1,355 crore, while the remaining amount of Rs 1,275 crore will be received by the shareholders of the company.
The record date for determining shareholders eligible for the said interim dividend is fixed as Tuesday, March 21, 2023.
The large-cap company’s Chairman & Managing Director, Sandeep Kumar Gupta said in a press release that GAIL has provided its shareholders with steady long-term returns on their investments.
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