Rashtriya Ispat Nigam Ltd (Visakhapatnam Steel Plant) has declared % for 2011-12 at the annual general meeting.

Mr AP Choudhary CMD of RINL presided over the AGM. Mr Choudhary said RINL had achieved ‘excellent’ rating for the third consecutive year. RINL earned a profit after tax of INR 751 crore for the year, with a growth of 14%. Dividend was declared at 10% for shareholders and 7% on preference share capital with a cash outflow of INR 218 crore.

He said RINL had commenced the redemption of preference share capital with INR 100 crore being paid on March 31, and a further redemption of cumulative amount of INR 1,226.60 crore, amounting to INR 1,326.60 crore.

Source - Business Line

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