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The board of directors of iron ore mining major NMDC, which met in Delhi on Monday, has approved the first interim dividend at 430 per cent or ₹4.30 a share of face value of Re 1 each for the year 2017-18.
NMDC shares were trading 2.72 per cent or ₹3.20 higher at ₹120.95 on the BSE in early trade.
The first interim dividend outgo would be ₹1,360 crore, of which ₹985 crore would be the Government’s share. NMDC, among the top performing PSEs, has been paying out rich dividends to the Government and its shareholders since 1991.
During the last five years, NMDC has paid about ₹15,525 crore as dividend to its shareholders of which the Government’s share was about ₹12,418 crore.
NMDC had also gone for buyback of shares in 2016-17 for ₹7,528 crore and an offer-for-sale during this fiscal which fetched ₹980 crore to the Government.
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