Indian Oil Bonus Shares: government owned Indian Oil Corporation Ltd. (IOC) has announced that it will issue bonus shares to its shareholders in the ratio of 1:2 i.e. for every two shares held by the investors, a new bonus equity share will be issued. IOC The Board has set next week, Friday, July 1, 2022, as the record date for determining the eligibility of shareholders to receive the bonus shares.
The Board of Directors of the company in its filing said, “The Board has recommended issue of bonus shares in the ratio of 1:2 i.e. one new bonus equity share of Rs.10/- each for two existing equity shares of Rs. 10/- each fully paid subject to the approval of the shareholders through postal ballot.The Board has fixed July 1, 2022 as the record date for determining the eligibility of the shareholders to receive the bonus shares.
Indian Oil Corporation Limited, incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 1,00,119.58 Crore) operating in Gas & Petroleum sector. The major product/revenue segments of Indian Oil Corporation Limited include Petroleum Refinery Products, Other Operating Revenue, Other Services, Sales of Services, Scrap and Subsidies for the year ended 31-March-2021.
The state-run oil marketing company reported revenue of Rs 2,06,461 crore during the quarter under review, as against Rs 1,63,733 crore in the corresponding quarter of the previous fiscal.
declaration of final dividend
The board had also recommended a final dividend of Rs 3.60 per equity share having a face value of Rs 10 (pre-bonus), which translates into a final dividend of Rs 2.40 per equity share with a face value of Rs 10 each. (post-bonus). For the financial year 2021-22.
The company in its filing said, “The Board has recommended a final dividend of Rs. 3.60 per equity share having a face value of Rs. 10/- each (pre-bonus), which translates into a final dividend of Rs. 2.40 per equity share having a face value of Rs.10/- each (after bonus) for the financial year 2021-22, subject to the approval of the shareholders of the company.Final dividend shall be paid within 30 days from the date of declaration in the AGM. The final dividend is in addition to the interim dividend of Rs. 9.00 per share (pre-bonus) paid for the financial year 2021-22. The record date for payment of the final dividend will be fixed and communicated in due course.”
share price history
Shares of IOC are up more than 4 per cent in the one-year period, while the stock has fallen nearly 5 per cent in 2022 (YTD), as against the 11 per cent fall in the benchmark Sensex during the said period.
What is Brokerage?
ICICI Securities has a buy call on Indian Oil Corporation with a target price of Rs 145. The current market price of Indian Oil Corporation is Rs 106.65. Time period given by market expert is one year when Indian Oil Corporation Limited price can reach defined target.
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