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Steel Minister presents SAIL's interim dividend cheque to PM

New Delhi , Tue, 03 Apr 2012 ANI

New Delhi, Apr 3 (ANI): Union Steel Minister Beni Prasad Verma presented an interim dividend cheque of Rs.495.65 crore to Prime Minister Dr. Manmohan Singh here on Tuesday.

The interim dividend cheque was paid at 12 percent of paid up equity capital, for the year 2011-12 by Steel Authority of India Limited (SAIL), a Maharatna PSU under the Ministry of Steel. Since, Government of India holds 85.82 percent stake in SAIL's total paid up equity capital of Rs.4,130.53 crore, the payment of interim dividend to Government of India was Rs.425.36 crore.

Secretary, Ministry of Steel, D.R.S. Chaudhary, Additional Secretary and Financial Advisor, Machendranathan, Chairman SAIL, C.S. Verma and Director Technical, S.S. Mohanty, were present on the occasion.

It is pertinent to note that since its inception, SAIL has made total dividend payouts of Rs.9, 392 crore equivalent to 228 percent of its paid up capital.

Out of this, payment to Government of India is Rs.8, 092 crore, besides dividend tax of Rs.1, 342 crore. SAIL achieved a turnover of Rs.35, 556 crore (five percent higher than the sales in the corresponding period of last year) and earned profit after tax of Rs.1, 966 crore during April-Dec., 2011.

The net worth of the company as on December 31, 2011 is Rs.38562 crore. (ANI)

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