OIL & GAS

BPCL declares record Rs 12,581 cr dividend ahead of privatisation

Bharat Petroleum Corporation Ltd (BPCL) on Wednesday declared a record Rs 12,581 crore dividend, more than half of which will go to the government, ahead of the privatisation of the company.

In a regulatory filing, BPCL said its “Board of Directors has recommended a final dividend of Rs 58 per equity share (including one-time special dividend of Rs 35 per equity share of Rs 10 each) for the financial year ended March 31, 2021 subject to the approval of the shareholders.”

The dividend works out to Rs 12,581.66 crore, including special dividend of Rs 7592.38 crore. The government, which is selling its entire 52.98 per cent stake in BPCL, will get Rs 6,665.76 crore plus dividend distribution tax.

The dividend declared is in addition to the interim dividend of Rs 21 per share paid earlier in the fiscal.

The company did not give any reason for declaring the record dividend but the firm had received Rs 9,876 crore from sale of its 61.5 per cent stake in Numaligarh refinery in Assam to a consortium of Oil India Ltd, Engineers India Ltd and the Government of Assam in March.

Almost simultaneously, the firm had bought 36.62 per cent of the equity held by OQ S.A.O.C (formerly known as Oman Oil Company S.A.O.C) in Bina refinery for Rs 2,399.26 crore.

Source
ET energy World
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