Vedanta board approves interim dividend of Rs 9

Vedanta board approves interim dividend of Rs 9.50 per share

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MUMBAI: Anil Agarwal-led Vedanta on Saturday said its board approved first interim dividend of Rs 9.50 per share for the current fiscal year.
The total dividend payable by Vedanta would amount to Rs 3,500 crore and the record date set for the payment of dividend is October 31.

The company has drawn shareholders’ ire of late for not passing on the dividend of Rs 4,500 crore it received from subsidiary Hindustan Zinc (HZL) in May.

Hindustan Zinc paid interim dividend of Rs 6,972 crore for FY20 on May 19. The company also announced interim dividend of Rs 9,000 crore for FY21 on October 16, which will be paid at the end of this month.

Vedanta’s share in HZL’s dividend payouts amounts to Rs 10,369 crore as the former holds 64.92 per cent stake in the latter.

The company has been in focus recently, as earlier this month, its promoters failed to garner the required number of shares to delist. The total number of shares tendered by Vedanta’s public shareholders fell 7 per cent short of the mandatory minimum 90 per cent for successful delisting.

Ahead of the announcement, shares of Vedanta closed 0.29 per cent higher on Friday, while benchmark Sensex rose 0.31 per cent to 40,685.60. The stock advanced in all the sessions last week, and rose 10.32 per cent during the period.

Credit: Stocks-Markets-Economic Times

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