Interim PSU dividends boost kitty
Public sector units Coal India and Power Finance Corporation (PFC) on Thursday announced interim dividends that will improve government finances, stretched by a weak revenue mop up and the coronavirus pandemic. The payouts come days before the rule of dividends being taxed on the hands of the shareholders take effect from April.
Coal India Limited on Thursday announced an interim dividend of Rs 12 per share, making the government richer by Rs 7,172 crore, which it will receive as dividend and dividend distribution tax. The total interim dividend outgo for Coal India will be Rs 7,395 crore after the company board approved the interim dividend.
PFC on Thursday paid an interim dividend of Rs 1,404.37 crore to the Government of India for 2019-20.
“Rajeev Sharma, CMD of PFC, presented bank advice of an interim dividend of Rs 1,404.37 crore on March 12, 2020,” a PFC statement said.