Vedanta to pay interim dividend of Rs 11/share

Mumbai: Vedanta will pay an interim dividend of ₹11/share, which translates into a payout of ₹4,089 crore by the company. The record date for this dividend is December 27, the company said in an exchange filing on Monday.

This is the second interim dividend announced by the company in the current financial year, with the first being ₹18.50/share in May.

UK-based Vedanta Resources Plc is the majority shareholder in Vedanta with a 63.71% stake in the company, and the second interim dividend is expected to bring in over ₹2,600 crore for the parent company. Vedanta Resources, which has debt worth $4.5 billion maturing till March 2025, was recently downgraded by S&P Global Ratings to ‘CC’ from ‘CCC’ as analysts were concerned about the extension of the maturities of some of its bonds.

Meanwhile, Hindustan Zinc, in which India-listed Vedanta owns nearly 65% stake, announced a dividend of ₹6/share earlier this month.

The board of Vedanta, today, will be meeting to consider fund raising through non-convertible debentures on a private placement basis.

Shares of Vedanta ended at ₹260.70 on the National Stock Exchange on Monday, up 1.4% from the previous close.