Maharatna PSU to Turn Ex-Dividend This Week; Total Dividend of Rs 2,630 Crore

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Maharatna PSU to Turn Ex-Dividend This Week; Total Dividend of Rs 2,630 Crore
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The country’s largest natural gas company GAIL (NS: GAIL ) (India) will remain under focus in the week starting on March 20, as its shares will turn ex-dividend for an interim dividend of 40%.

The Board of Directors of the Maharatna PSU 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 last week.

This accorded a total dividend amount of Rs 2,630 crore. Based upon the current shareholding of the Indian Government in GAIL at 51.52%, 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 central PSU’s Board has set the record date for determining shareholders eligible for the said interim dividend 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 a steady long-term returns on their investments.

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