Hon’ble Union Minister for Steel Mr Virbhadra Singh, on behalf of Steel Authority of India Limited, handed over a cheque for INR 460.81 crore to Prime Minister Dr Manmohan Singh towards final dividend to the Government of India for FY’09.
Present on the occasion were Secretary (Steel) Mr PK Rastogi and SAIL Chairman Mr SK Roongta.
The total dividend paid by SAIL to its shareholders for FY ’09 amounting to INR 1,073.9 crore is equivalent to 26% of the company's paid up equity capital of INR 4,130.4 crore. The Government of India holds 85.82% of the paid up equity capital of SAIL.
SAIL had paid interim dividend at the rate of 13% of paid-up equity amounting to INR 536.95 crore in February 2009, of which the Government’s share of dividend was INR 460.81 crore. The Government of India’s dividend share for FY ’09 thus works out to INR 921.62 crore, besides dividend distribution tax of INR 181 crore.
SAIL has regularly and consistently been paying dividend to its shareholders since 2004-05. During the last three years, SAIL made total dividend payouts amounting to INR 3,883 crore, equaling 94% of its paid-up capital. Out of this, payment to Government of India was INR 3,332 crore, besides dividend tax of INR 638 crore.
SAIL’s contributions to the national exchequer (towards excise and custom duties, corporate tax, dividend, dividend tax, sales tax, royalties, etc.) during 2008-09 has been to the order of over INR 12,395 crore.
Despite global economic slowdown severely impacting the steel industry from the second half of 2008-09, SAIL recorded the highest-ever turnover of INR 48,681 crore, earned profit before tax of INR 9,403 crore and profit after tax of INR 6,175 crore in 2008-09. SAIL’s net worth as on 31st March ’09 stood at INR 27,984 crore
Sourse From: http://www.steelguru.com/news/index/2009/10/23/MTE3MTQy/SAIL_pays_INR_461_crore_as_final_dividend_to_government.html
Thursday, October 22, 2009
SAIL pays INR 461 crore as final dividend to government
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