Hindustan Zinc announces ₹10k crore dividend

Posted on:31 Mar 2016 11:46:24
Hindustan Zinc announces ₹10k crore dividend
31 March 2016 Current Affairs: New Delhi, Mar 30 (PTI) Hindustan Zinc Ltd (HZL) today announced that it will pay Rs 10,141 crore as dividend, which includes Rs 3,000 crore to the government, to its shareholders for the 2015-16 fiscal, the highest by any private company. In 2002-03, the government sold its 64.92 per cent stake in HZL to mining baron Anil Agarwal-led Vednata Resources, while retaining 29.54 per cent."The actual dividend is Rs 10,141 crore and when dividend tax is included it will go to Rs 12,205 crore. This is the highest ever dividend announced by a private company. From the dividend announced today, Rs 3,000 crore would be paid to the government," HZL CEO Sunil Duggal told PTI.He informed that the firms Board has declared a special golden jubilee dividend at the rate of 1200 per cent -- Rs 24 per equity share of Rs 2 each -- for 2015-16 fiscal."Since 2002 (disinvestment of HZL), the firm has paid Rs 32,500 crore to the government in terms of royalties, direct and indirect taxes, dividend distribution tax, etc. And if the dividend tax on dividend announced today is included, this contribution would go up to Rs 34,500 crore," Duggal added.

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