Coal India Ltd's stock fell in trading on Monday, as the stock went ex-dividend on Monday, ahead of its record date. The stock fell as much as 6 percent on NSE while it fell 2 percent on the BSE.
In a regulatory filing this week, Coal India stated that the board of directors had approved payment of an interim dividend for FY22 at Rs 9 per share with a face value of Rs 10, as against Rs 7.5 per share announced last year.
The PSU company has fixed Tuesday, December 7, 2021, as the record date for the purpose of payment of interim dividend on the equity shares for the financial year 2021-22.
In an interview with CNBC-TV18, Pramod Agrawal, CMD of Coal India said, “We will try to maximise whatever money we have to give as dividend. Our payout ratio is more than 90 percent and we are likely to maintain that."
The government will receive around Rs 3,667 crore as an interim dividend from Coal India for the current 2021-22 fiscal, PTI quoted a company official. The Maharatna PSU announced a 90 per cent interim dividend for FY22, and the total outgo for the purpose will be around Rs 5,546 crore.
"The government will get 66 percent of it as per its holding, and the rest will go to other categories of investors," he said," Coal India Director (Finance) Samiran Dutta told PTI.
The coal behemoth had given a total dividend at Rs 16 per share in FY21. According to sources cited by PTI, the PSU miner will try to maintain at least the last year's dividend payout.
At 1:12 pm, shares of Coal India Ltd were trading 5.92 percent lower, or down 9.45 points, at Rs 150.30 on the NSE.
First Published: IST