Oil India is trading lower by over 2% or by Rs 13 at Rs 548 after shares of the state-owned oil exploration and production firm turned ex-dividend today.
The board of directors of the company at its meeting held on January 18, 2013, had declared interim dividend of Rs 11 per share (i.e. 110%) for the year 2012-13.
“The company has fixed January 24, 2013 fixed as the record date for payment of the interim dividend,” Oil India said in a regulatory filing.
“Dividend is payable on and from January 25, 2013. Payment will be completed on and before February 15, 2013,” it added.
Meanwhile, the media reports suggest that the government is likely to announce Oil India FPO (follow-on public offer) between January 28-30.
The stock opened at Rs 555 and hit a low of Rs 545 on the Bombay Stock Exchange. A combined 53,796 shares have changed hands on the counter so far on both the exchanges.