OIL declares Rs 8/share dividend; Govt to gain Rs 325 cr

State-owned Oil India Ltd (OIL) today declared an interim dividend of Rs 8 per share for the current fiscal, a move that will give the government over Rs 325 crore.

Government holds 67.64% stake in the nation's second biggest state oil explorer.

"OIL Board in its meeting held on January 12, 2016 has inter-alia declared interim dividend of Rs 8 per share (i.e. 80%) for the year 2015-16," the company said in a regulatory filing.

Government's 40.66 crore shares in OIL will entitle it for a dividend of Rs 325.29 crore. The government will additionally also get dividend tax.

The total payout for the company on account of the interim dividend would be Rs 481 crore.

The government had last week asked state firms to pay a minimum dividend of 30% to help make up for budgetary deficit.

Record date for payment of dividend is January 20. "Dividend is payable on and from January 21, 2016. Payment will be completed on and before February 10, 2016," OIL said.