New Delhi: Power Grid Corporation of India Limited (PGCIL) organised its 30th Annual General Meeting at Manekshaw Centre, New Delhi. On this occasion, K Sreekant, Chairman and Managing Director, addressed the stakeholders and apprised them of the latest developments and future plans of the company. "The total dividend payout thus works out to Rs 8.33 per share as against 5.25 per share earlier which is the highest dividend ever declared by your company," Sreekant said.
In the letter about recommendation on final dividend sent to NSE the PowerGrid said "in terms of Regulation 30 & 43 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is informed that Board in its meeting held on 29.05.2019 has recommended a final dividend of Rs. 2.50 per share (i.e.@ 25% on the paid-up equity share capital) for the financial year 2018-19 subject to the approval of the shareholders at the ensuing Annual General Meeting of the company.
The final dividend would be paid within 30 days from the date of its declaration at the AGM. This final dividend is in addition to the Interim Dividend of Rs.5.83 per share (i.e.@58.30% on the paid-up equity share capital) paid on February 22, 2019, for the financial year 2018-19". Dividend pay by a Public company All profit-making PSUs are required to declare a minimum dividend on equity of 20 percent or a minimum dividend payout of 20 per cent of after-tax profit, whichever is higher, subject to availability of disposable profits. As per the norms, however, in the case of PSUs the majority shareholder which is government, could seek higher dividend from the PSUs with large disposable profits or healthy cash reserves.
At the same time, a higher or special dividend may also be considered.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)