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The board of directors of Coal India has approved an interim dividend of 16.50 per share of 10 face value each for 2017-18. The move will result in a total outgo of 10,242 crore. As 78.55 per cent owner, the government will benefit 8,045 crore.
The company’s total dividend for the year is likely to exceed previous year’s total of 19.90 that came on the back of 3,650 crore share buyback (helping the government mop up 2,638 crore over and above the dividend payments). CIL paid 20-40 per cent dividend till 2010-11. Since then, the dividend payout rate increased phenomenally.
This is over and above the mop up through IPO in end 2010 and FPO in 2014-15, bringing in billions of dollars to the government coffers.
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