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VSNL board to meet on Dec 14 to consider interim dividend
The board of directors of Videsh Sanchar Nigam Ltd (VSNL), India`s overseas telephony monopoly, will meet on December 14 to consider an interim dividend for 2001-02, the Bombay Stock Exchange (BSE) said on Tuesday.
The board of directors of Videsh Sanchar Nigam Ltd (VSNL), India's overseas telephony monopoly, will meet on December 14 to consider an interim dividend for 2001-02, the Bombay Stock Exchange (BSE) said on Tuesday.
Last month, Disinvestment Minister Arun Shourie said government officials were working on a plan to distribute VSNL's cash reserves -- worth Rs 40-45 billion -- through a special dividend to shareholders before its privatisation.
The government, which holds a 52.97 per cent stake in VSNL, plans to bring its holding down to 26 per cent by selling a 25 per cent stake and giving management control to a strategic partner and selling another 1.97 per cent to VSNL's employees.
The New York Stock Exchange-listed telecom giant already declared in July a dividend of Rs 50 per share, including a special dividend of Rs 40. Ahead of the announcement, shares of VSNL closed up 0.8 per cent at Rs 230.30 at the BSE, while the benchmark 30-issue Bombay index fell 0.69 per cent. Bureau Report
The New York Stock Exchange-listed telecom giant already declared in July a dividend of Rs 50 per share, including a special dividend of Rs 40. Ahead of the announcement, shares of VSNL closed up 0.8 per cent at Rs 230.30 at the BSE, while the benchmark 30-issue Bombay index fell 0.69 per cent. Bureau Report