IOC board finalise 1:2 bonus share issue: Check Details

IOC board finalise 12 bonus share issue

On Tuesday, Indian Oil Corporation said that its board of directors had considered and approved a share bonus issue.

The company said that it will issue shares at a 1:2 ratio, which means, one new bonus equity share for every two existing equity shares.

The allotment is subject to shareholder approval by postal ballot. The Board has set July 1, 2022, as the record date for determining shareholder eligibility for bonus shares.

Meanwhile, the oil marketing company reported a consolidated net profit of Rs 6,645.72 crore for the March quarter, a 26.37 percent decrease from Rs 9,026.49 crore in the same quarter last year. However, its operating revenue increased by 26.13 percent from Rs 165,734.27 crore to Rs 209,049.16 crore in the same quarter last year.

The company's board of directors also proposed a final dividend of Rs 3.60 per equity share with a face value of Rs 10 each (pre-bonus), which equates to a final dividend of Rs 2.40 per equity share with a face value of Rs 10 each (post-bonus) for the fiscal year 2021-22.

The final dividend would be paid within 30 days following the AGM's announcement. The final dividend would be paid in addition to the Interim Dividend(s) of Rs 9.00 per share (pre-bonus) paid for the fiscal year 2021-22.

The average gross refining margin (GRM) for April–March 2022 was $11.25 per barrel (April–March 2021: $5.64 per barrel), according to the company. The core GRM, or current price GRM, for April to March 2022 is $7.61 per barrel after accounting for inventory loss and gain.

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