The Indian Oil Board has suggested that bonus equity shares be issued in a 1:2 ratio, meaning that for every two current shares held by investors, one new bonus equity share would be issued.
The matter is subject to shareholder approval by postal ballot. The Board has set July 1 as the record date for determining whether stockholders are eligible for bonus shares.
For the fiscal year 2021-22, the has proposed a final dividend of 3.60 per equity share with a face value of 10 (pre-bonus), which translates to a final dividend of 2.40 per equity share with a face value of 10 (post-bonus).
Indian Oil, the country’s largest oil company, announced a 31% reduction in fourth-quarter net profit on Tuesday, as record refining margins were wiped out by petrochemical margin squeezes and losses on vehicle fuel sales.
In January-March, the company made a standalone net profit of 6,021 crore, or 6.56% per share, compared to 8,781 crore, or 9.56% per share, a year ago.
The profit was greater than the previous quarter’s earnings of 5,861 crore.
IOC had the greatest revenue of any Indian company in the fiscal year April 2021 to March 2022, with Rs.7.28 lakh crore.
Reliance Industries Ltd recorded revenue of 7.92 lakh crore for fiscal FY22 earlier this month. This was claimed to be the biggest ever by an Indian firm, however it did not include GST, which the company collects on behalf of the government on product sales and is required to remit to the government.