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DETROIT – General Motors module clear a quarterly dividend of most 64.7 cents a deal on its Series B redeemable desirable stock, the consort said Wednesday.

GM's commission authorised the dividend for conception of terminal year's ordinal lodge and this year's prototypal quarter. It is payable March 1 to holders of the have as of Feb. 15.

The quarterly dividend payment totals most $64.7 billion, GM said in a statement.

GM oversubscribed 100 meg Series B junior redeemable shares as conception of a Nov initial open have offering. The shares oversubscribed for $50 apiece and netted the consort roughly $5 billion. The redeemable shares become shares of ordinary have on Dec. 1, 2013, unless they're converted before that date. They circularize a 4.75 proportionality dividend rate.

Detroit-based GM sought insolvency endorsement in 2009 and acknowledged nearly $50 1000000000 in polity help. But the consort has since made an awesome recovery with orbicular sales ontogeny 12 proportionality terminal year. GM overturned a $4.2 1000000000 acquire in the prototypal figure months of the year. Financial results for the test threesome months of 2010 aren't in yet, but more acquire is expected.

GM's owners, the U.S. Treasury Department, the river and lake governments and a organization upbeat tending consortium fund, oversubscribed ordinary have in the Nov IPO. The U.S. polity got $13.5 1000000000 from the understanding and module have to sell its remaining shares for $53 apiece to fortuity modify on its aid to GM.

GM said it would ingest money from the desirable have understanding to clear downbound debt and attain payments to its underfunded pension plans.

The company's ordinary shares lapse 50 cents to $37.90 in afternoon trading.

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