Ahmedabad – Gujarat Mineral Development Corporation (GMDC), the leading mining PSU enterprise and the country’s largest lignite seller, presented a substantial dividend check of Rs 269.44 crore to the Honorable Chief Minister of Gujarat. This momentous occasion reinforces GMDC’s commitment to take forward the visionary initiatives of the State and enhance prosperity for shareholders in Public Sector Undertakings (PSUs).
A visionary policy of the Government of Gujarat, designed to enhance the valuations of State PSUs, has set 30 per cent of profit after tax or 5 per cent of net worth as the minimum level of dividend to be declared to shareholders. Sets a minimum dividend of 100 per cent, whichever is higher. The 74% stake of the Government of Gujarat in GMDC has been instrumental in leading the Corporation to the extraordinary achievement of presenting a dividend check equal to 30% of the net profit of GMDC for the financial year 2022-23.
In a strategic move, GMDC recently increased its share price from Rs 9.10 to Rs 9.10 per share to provide better value to its respected shareholders. 11.45% dividend increase which underlines the commitment of the Corporation. This change, approved in the recent Board meeting, reflects GMDC’s dedication towards strategic vision and alignment with the progressive dividend distribution policy set by the Government of Gujarat.
On this strategic move, Shri Roopwant Singh, IAS, Managing Director, GMDC said,
“GMDC takes great pride in being associated with the progressive policies of Gujarat. The increased dividend reflects our commitment to create sustainable value for our shareholders. This strategic move will drive economic growth and prosperity in support of the visionary policies set by the Government of Gujarat. exemplifies our dedication to promoting
