Guwahati: After ONGC, Oil India Limited paid dividend of Rs.1,791 crore dividend to the Centre.
This information was tweeted by Secretary in the department of investment and public asset management (DIPAM), Tuhin Kanta Pandey.
The Centre on Friday received Rs. 1,791 crore and Rs. 276 crore from the Power Grid and Oil India Limited (OIL) respectively as dividend tranches, Mr. Pandey tweeted.
In addition to this, the government has also received Rs. 187 crore, Rs. 28 crore and Rs. 21 crore from Bharat Electronics Limited (BEL), Mazagon Dock and Midhani respectively as dividend tranches.
Last week, the government had received Rs. 5,001 crore from the country's richest state-owned explorer ONGC as dividend
A dividend is the distribution of a company’s earnings to its shareholders and is determined by the company’s board of directors.
Earlier, the government had received about Rs. 690 crore from Bharat Petroleum Corporation Limited (BPCL).
Dividends are often distributed quarterly and may be paid out as cash or in the form of reinvestment in additional stock.
Common shareholders of dividend-paying companies are eligible to receive a distribution as long as they own the stock before the ex-dividend date.
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