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Corporate Apr 3, 2012

SAIL pays Rs 425.36 cr interim dividend to government

New Delhi: State-run Steel Authority of India (SAIL) today paid Rs 425.36 crore as interim dividend to the government for its 85.82 percent holding in the steel maker.

"SAIL paid an interim dividend to the Government of India amounting to Rs 425.36 crore. The total interim dividend paid by SAIL comes to Rs 495.65 crore for the year 2011-12," the company said in a release.

Earnings on steel. Reuters

SAIL chairman CS Verma presented the dividend cheque to the Prime Minister Manmohan Singh in the presence of Steel Minister Beni Prasad Verma and secretary DRS Chaudhary.

"In addition to interim dividend, the Board of Directors of the company would also recommend final dividend for the year, while approving the financial results," it added.

Since inception, SAIL has paid Rs 9,392 crore dividend, including Rs 8,092 crore to the government, besides Rs 1,342 crore dividend tax.

SAIL, in which the government plans to sell 10 per cent of its stake through a follow-on public offer, is investing Rs 72,000 crore to raise its hot metal capacity from 14.6 million tonnes per year (mtpa) to 23.4 mtpa.

PTI

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