The central government, which faces the uphill task of meeting Rs 40,000-crore disinvestment target this year, will get Rs 16,485.71 crore for its 90 per cent stake in the Maharatna company.
After including the dividend distribution tax of Rs 3,113 crore, the bonanza for the government is Rs 19,598.76 crore.
The announcement, which market observers termed as a special dividend to the government, comes at a time when the Centre's plans to sell 5 per cent stake in the company are facing strong opposition from trade unions.
Coal India Ltd (CIL), which is sitting on a cash reserve of Rs 62,236 crore as on March, 2013 will pay the dividend from January 25. Last year, it had paid Rs 9.7 per share as an interim dividend and paid it from March, 2013.
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Coal India shares rose 2.6 per cent on BSE intra-day today amid anticipation of company declaring a grand dividend, but shares closed lower by 0.12 per cent. The dividend announcement came after close of market hours.
Coal India's announcement of interim dividend could be first on the list of blue-chip public sector firms paying special dividends and many more PSUs like ONGC, GAIL, NTPC, SAIL and NMDC may make their respective announcements soon.
Moreover, the government is also working to sell its residual stakes in several private firms, including Hindustan Zinc, Balco and Axis Bank, to meet the disinvestment target.