Maharatna PSU Stock Slides As Shares Turn 150% Ex-Dividend

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Maharatna PSU Stock Slides As Shares Turn 150% Ex-Dividend
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the state-owned oil and gas company Oil India (NS: OILI ) declined 2.3% to Rs 282.85 apiece in early trade on Friday as the stock turned ex-dividend in the session.

The public sector undertaking (PSU) stock began trading ex-dividend for a dividend of 150% for the financial year ended March 31, 2023, in Friday’s session. Its shares have been falling for three consecutive days, dropping 3% in the period.

The Board of Directors of Maharatna PSU recommended a final dividend of Rs 5.5 per equity share, translating to 55% of the paid-up capital for the financial year 2022-23.

The corporate reward is subject to the approval of the PSU’s shareholders at its 64th Annual General Meeting (AGM) scheduled to be held on Saturday, September 9, 2023, through video conferencing.

The PSU major has set the record date for determining shareholders eligible for the said final dividend as Friday, August 25, 2023. The dividend, if approved at the company’s ensuing AGM, shall be paid to eligible shareholders within 30 days from the date of its declaration at the AGM.

India’s second-largest oil and gas company has given a total dividend of Rs 20/share on a face value of Rs 10 each for FY23, breaking down into an interim dividend of Rs 4.5/share, a second interim dividend of Rs 10/share, and the final dividend of Rs 5.5/share.

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