Castrol India Limited has announced the second interim dividend of Rs 3 per equity share for the FY ending December 31, 2019. At the same time, the Board of Directors of Castrol also recalled the previous suggested final dividend of Rs 3 per equity share for the same tenure (for reference: the final dividend was Rs 2.75 per equity share in 2018).
The announcement would have been made earlier but the unfortunate lockdown due to the COVID-19 pandemic delayed the 42nd Annual General Meeting of Castrol from April to July. This delay has impacted several shareholders, including small and institutional.
In order to assist its investors, the Board took this bold decision to pay an interim dividend by releasing payment earlier to shareholders.
After the end of the meeting, the Chairman of the Board of Directors at Castrol, R Gopalakrishnan said that Castrol India has always cherished the strong bond with its investors. These are challenging times that require companies to take extraordinary measures to support their shareholders.
The recent declaration of second interim dividend is over and above the earlier announced interim dividend of Rs 2.50 per equity share (for reference: In 2018, the interim dividend was Rs 2.25 per equity share).