Bhel, BPCL to pay interim dividend

Bharat Heavy Electricals Ltd (Bhel) and Bharat Petroleum today announced their intention to pay interim dividends which would help the government garner Rs 159 crore.

The Centre's kitty is expected to swell further with the Oil & Natural Gas Corporation board scheduled to meet on December 24 to consider a proposal for payment of interim dividend.

While BPCL announced an interim dividend of 50 per cent, the Bhel board approved an interim dividend of 35 per cent. Both companies have equity shares with a face value of Rs 10 each. The government will net Rs 58 crore from Bhel's total interim dividend outgo of Rs 85.66 crore.

The Centre has 67 per cent stake in the company which has a paid up capital base of Rs 244.76 crore.

The government is expected to realise around Rs 100.8 crore from BPCL's interim dividend. The government holds 67.2 per cent stake in the oil company which is estimated to see an outgo of around Rs 150 crore on account of the interim dividend.

The dividend announcements come as a result of the government diktat to administrative ministries to seek interim dividends.

Hindustan Petroleum Corporation Ltd had on Thursday announced an interim dividend of 50 per cent.