Vedanta announces third dividend of Rs 17.50 per share


Mining giant Vedanta on Monday announced the third interim dividend of Rs 17.50 per share for the current financial year, amounting to Rs 6,505 crore. The gross debt of the mining giant stood at Rs 58,597 crore as of September 30.

“The board of directors of the company, through a resolution passed on Tuesday, November 22, 2022, has approved a third interim dividend of Rs 17.50 per share of shares, i.e. 1750 per cent on the par value of Rs 1 per share for the financial Year 2022-23 amounting to Rs 6,505 crore,” Vedanta said in an application to BSE.

The record date for payment of the dividend is November 30, the company said, with the interim dividend to be paid within the timeframes prescribed by law.

Vedanta had earlier approved the first interim dividend of Rs 31.5 and a second interim dividend of Rs 19.50 per share.

Moody’s Investors Service had previously said a large dividend from its cash-rich Indian operating arm would boost billionaire Anil Agarwal-led Vedanta Resources Ltdefforts to refinance debt.

On April 28, Vedanta Ltd announced that the board of directors approved an interim dividend of Rs 11,710 crore (USD 1.56 billion), of which USD 1.02 billion will be received by the holding company Vedanta Resources Limited (VRL).

VRL owns 69.7 percent of Vedanta Ltd.

Vedanta Ltd, a branch of Vedanta Resources Ltd, is one of the world’s leading oil and gas and metals companies with operations in oil and gas, zinc, lead, silver, copper, iron ore, steel and aluminum and energy across India, South Africa and Namibia.

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