Centre nod to listing of OIL shares

Dibrugarh, Sep 27 | Updated: Sep 28 2008, 06:04am hrs
The Centre has approved Oil India Ltds (OIL) proposal to get its shares listed on the domestic bourses.

Addressing the 49th annual general meeting at Duliajan on Saturday, OILs chairman and managing director, M R Pasrija, said shares would be listed through IPO and six eminent persons had been inducted on the board to comply with corporate governance norms of Sebi.

The company has registered a profit of Rs 1,788.93 crore for the year 2007-08, compared with Rs 1,639.94 crore in the previous year.

The total income for the year 2007-08 reached Rs 6,795 crore, against Rs 6,008 crore for the previous year, while the net worth of the company increased to Rs 7,933 crore, up by 16%.

OILs board of directors have recommended a final dividend of 150%, which is over and above the interim dividend of 125%, with the total amounting to Rs 588.51 crore, Pasrija said.