Oil & Natural Gas Corporation Ltd has informed BSE that the Government of India has conveyed the decision for disinvestment of 5% paid up equity capital of ONGC out of Government shareholding. The Company have also been advised to take necessary action for completion of the following activities at the earliest:
1. Issue of Bonus Shares in the ratio of 1:1
2. Split one share into two, and
3. To consider payment of an appropriate amount as special dividend before the proposed disinvestment.
A notice has already been given to the Stock Exchanges with regard to the Board Meeting scheduled to be held on December 16, 2010, inter – alia, to consider payment of Interim Dividend for the Financial Year 2010-11. Further the Company notify that the Board of Directors in their meeting scheduled to be held on December 16, 2010, will also inter alia consider the above agenda items.
Source : BSE