Govt To Receive Rs 3,056 Crore Dividend From Coal India

As a majority stakeholder, the central government is set to receive an amount of Rs 3,056 crore as dividend from Coal India Ltd after the miner has announced an interim dividend at a rate of Rs 7.50 per share for the financial year 2020-21, an official told PTI.

The total interim dividend outgo for Coal India will be Rs 4,622 crore after the company's board approved it, he said.

"The government will get around Rs 3,056 crore as a dividend for its shareholding of 66.13 percent in the company," the official said.

On Wednesday, in a stock exchange filing, Coal India reported a 16.31 percent decline in consolidated net profit at Rs 2,948.12 crore for the September-ended quarter. In comparison, the company posted a profit of Rs 3,522.70 crore for the same period a year ago. The oublic-sector company also said that its board of directors has approved payment of an interim dividend of Rs 7.50 per share of the face value of Rs 10 for 2020-21.

The company sources also told PTI that the announcement of dividend payment came at a time when the miner's outstanding dues from the power sector remain at about Rs 23,000 crore.