Coal India sets record date for dividend

29 Jul 2024 , 12:22 PM

Coal India has set Friday, August 16, 2024, as the record date to determine shareholders eligible for the final dividend payment of ₹5 per share for the financial year 2023-24. This decision follows the board meeting on May 2, 2024, where the final dividend was recommended, pending approval at the upcoming Annual General Meeting (AGM).

Once approved, the dividend will be distributed to shareholders holding equity shares as of the record date, in either electronic or physical form.

In compliance with the Income Tax Act, 1961, Coal India will deduct taxes at the prescribed rates, which vary based on the shareholder’s residential status and the documents submitted for dividend payment.

At the time of writing on July 29, 2024 at 12:16 pm, shares of Coal India is currently trading at ₹510 which is a 0.11% gain than the previous close. Coal India shares has witnessed a 122% gain in the last one year, and 33% gain since the beginning of the year.

Additionally, Coal India has announced a significant achievement, having secured its first critical mineral asset, a graphite block in Madhya Pradesh. This acquisition positions Coal India to support the green energy transition, as graphite is essential in lithium-ion battery manufacturing.

The company emerged as the preferred bidder for the Khattali Chotti graphite block in Alirajpur district, winning the bid with a mining premium of 150.05% of the value of mineral dispatch.

Coal India Limited is an Indian central public sector undertaking under the Ministry of Coal, headquartered in Kolkata. It is the largest government-owned coal producer globally and ranks as the ninth largest employer in India with nearly 272,000 employees. CIL is also among the top firms contributing significantly to global carbon emissions, underscoring the importance of its diversification into sustainable energy resources.