New Delhi [India], May 20 (ANI): State-owned oil company Oil India, at a meeting held on Monday, recommended giving out bonus shares to its shareholders. For every two shares an investor has, it is proposed that they will get one extra share for free.

This essentially means that if someone holds two shares of Oil India, they would receive one additional share at no extra cost in the portfolio.

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However, the recommendation is subject to the approval of shareholders through postal ballot [E-Voting].

The company's Board has fixed Tuesday, July 2, 2024, as the record date to determine the eligibility of shareholders to receive bonus shares.

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The Board has recommended a final dividend of Rs 3.75 per equity share, which translates into a final dividend of Rs 2.50 per equity share (post-bonus) for the financial year 2023-24, subject to the approval of the shareholders of the Company.

The dividend yield is a financial ratio that shows how much a company pays out in dividends each year relative to its stock price.

The company's net profit witnessed a 28 per cent increase, reaching Rs 2,029 crore during the January-March period. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)