RINL declares 10% dividend

Rashtriya Ispat Nigam Ltd (Visakhapatnam Steel Plant) has declared 10 per cent dividend for 2011-12 at the annual general meeting held here on Thursday, according to a press release. The Chairman and Managing Director, A. P Choudhary, presided over the AGM. Sarita Taneja, Under-Secretary in the Ministry of Steel, attended the AGM. A.P Choudhary said RINL had achieved ‘excellent’ rating for the third consecutive year. RINL earned a profit after tax of Rs 751 crore for the year, with a growth of 14 per cent. Dividend was declared at 10 per cent for shareholders and seven per cent on preference share capital with a cash outflow of Rs 218 crore. He said RINL had commenced the redemption of preference share capital with Rs 100 crore being paid on March 31, and a further redemption of cumulative amount of Rs 1,226.60 crore, amounting to Rs 1,326.60 crore.