ONGC makes 3 new oil & gas discoveries

Public sector major Oil and Natural Gas Corp (ONGC) has announced that there have been three new oil and gas discoveries in one each of the Krishna-Godavari Basin, Cauvery basin and Mumbai offshore, which allows an interim dividend of 100 per cent to its shareholders. The ONGC board in its meeting approved an interim dividend of 100 per cent, paying Rs 5 per equity share of Rs 5 each, the company said in a statement. ´The total payout on this account will be Rs 4,277.75 crore out of which the government of India will receive Rs 2948.08 crore on its shareholding. In addition, dividend distribution tax of Rs 855.55 crore would also be paid,´ it said.