Coal India Limited, the state-owned coal mining giant, has announced August 16, 2024, as the record date for its final dividend payment for the financial year 2023-24. Shareholders on record by this date will be eligible to receive a final dividend of Rs 5 per share.
This decision follows the company’s board meeting held on May 2, 2024, where the final dividend was recommended, subject to approval at the upcoming Annual General Meeting (AGM). The final dividend is part of Coal India’s commitment to sharing its profits with shareholders, reflecting its strong financial performance over the past year.
Shareholders holding equity shares in either electronic or physical form as of the record date will be entitled to the dividend, once it receives the requisite approval at the AGM. This dividend payout is in line with Coal India’s consistent policy of rewarding its shareholders.
In accordance with the Income Tax Act, 1961, the dividend payment will be subject to tax deductions at the prescribed rates. The tax rate will vary based on the residential status of the shareholders and the documentation they have submitted.
The announcement has been well-received by the market, reflecting investor confidence in the company’s robust performance and its commitment to shareholder value. Coal India’s shares saw a slight uptick following the announcement, indicating positive sentiment among investors.
Coal India Limited remains a pivotal player in India’s energy sector, ensuring the country’s energy security through sustained coal production and distribution. The final dividend declaration underscores the company’s strong financial health and its ongoing commitment to delivering value to its shareholders.
For further details on the dividend payment process and tax implications, shareholders are advised to refer to the company’s official communication or contact their financial advisors.
About Coal India Limited: Coal India Limited is the largest coal-producing company in the world and a Maharatna company under the Government of India. It accounts for approximately 82% of the total coal production in India and operates through its subsidiaries in eight Indian states. The company’s vision is to emerge as a global player in the primary energy sector, committed to providing energy security to the country.