3 PSUs pay Rs 674 crore dividend

The government netted Rs 673.98 crore in interim dividends from Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Canara Bank.

The government will also earn revenue from the tax on dividends paid by these companies to all shareholders.

IOC, the country's largest oil refining and marketing company, today declared an interim dividend of 50 per cent, at Rs 5 per share.

This works out to Rs 584 crore. By virtue of its 82.2 per cent holding in the company, the government will get Rs 480 crore from IOC alone.

In 2002-03, IOC paid a total dividend of 193 per cent, amounting to Rs 2,258 crore, on an enhanced share capital of Rs 1,168 crore.

BPCL has declared an interim dividend of 60 per cent amounting to Rs 180 crore. The government, with a 66.2 per cent holding, gets Rs 119.16 crore.

Canara Bank has declared an interim dividend of 25 per cent amounting to Rs 102.50 crore for the current financial year. The government will get Rs 74.82 crore by virtue of its 73 per cent stake in the bank.

The government has already made good money from the banking sector. Bank of Baroda recently declared a 30 per cent interim dividend, Punjab National Bank 25 per cent and Allahabad Bank and Syndicate Bank 10 per cent each.