MMTC declares 45 per cent dividend to shareholders

NEW DELHI: State-owned MMTC, a disinvestment candidate, on Tuesday declared a dividend of 45 per cent to shareholders after earning a net profit of Rs 216 crore on a turnover of Rs 45,263 crore for the last fiscal.

The dividend will fetch 45 paise to shareholders for each share of the face value of Re 1.

Over 99 per cent of shares in the commodity trading giant are held by the government.

The dividend outgo will be Rs 45 crore, the company said in a statement to the stock exchange.

In a move towards disinvestment, in July, MMTC received mandatory Extra-ordinary General Meeting (EGM) approval for splitting its share with a face value of Rs 10 into 10 scrips of Re 1 each and issuing one-to-one bonus shares.

The government is expected to offload its 10 per cent stake in MMTC through a follow-on offer in the current fiscal.

Shares of MMTC settled at Rs 1376.05, up 0.48 per cent on the BSE.