The board of Coal India Ltd. (CIL), at a meeting on Thursday, approved the payment of an interim dividend of 97 per cent for 2012-13, against 95 per cent a year ago.
This is likely to involve a payout of about Rs.6,200 crore, it was learnt. CIL had paid a 100 per cent full dividend in 2011-12.
CIL is expecting to end this fiscal with an offtake of around 467 million tonnes against a target of 470 million tonnes.
The company saw a 10.1 per cent growth in post-tax profit which touched Rs.11,942 crore in the first nine months of 2012-13, when net sales increased by 12.6 per cent to Rs.48,398 crore.
Today’s [Thursday’s] board meeting took place in the backdrop of CIL’s second largest shareholder The Children’s Investment Fund Management’s demand that CIL increase its dividend payout to 100 per cent from this fiscal.
In its letter last month, TCI said that CIL’s share price been flat since its listing in 2010.
