"We have approved a dividend of Rs 29 per share of the face value of Rs 10 as recommended by the audit committee of company," Coal India Chairman S Narsing Rao told reporters here after board meeting.
The company will pay the dividend from January 25.
The announcement follows a meeting between Finance Minister P Chidambaram and chairmen of top PSUs, including Coal India, ONGC and Indian Oil, last Friday. The government is on an overdrive to meet the disinvestment target of Rs 40,000 crore this fiscal.
Coal India Ltd (CIL) dividend comes in the backdrop of government failure to disinvest 10 per cent of its shares in this year. Trade unions were opposed to further disinvestment of Coal India which was listed in November, 2010 after a blockbuster initial public offer.
Coal India shares today closed at Rs 289.90 a piece on BSE, down 0.12 per cent, though it traded in green for most of the day. The dividend announcement came after close of market hours.
Coal India stock price
On January 14, 2014, Coal India closed at Rs 289.90, down Rs 0.35, or 0.12 percent. The 52-week high of the share was Rs 362.15 and the 52-week low was Rs 238.35.
The company's trailing 12-month (TTM) EPS was at Rs 13.90 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 20.86. The latest book value of the company is Rs 32.48 per share. At current value, the price-to-book value of the company is 8.93.
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