Vedanta announces third interim dividend of Rs 17.50 per share

New Delhi:

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 mining giant’s gross debt stood at Rs 58,597 crore as of September 30.

“The Board of Directors of the Company, by resolution passed by circulation on Tuesday 22nd November 2022, approved a third interim dividend of Rs 17.50 per share or 1750% of the par value of Rs 1 per share for the 2022-23 financial year amounting to Rs 6,505 crore,” Vedanta said in a filing at ESB.

The record date for the payment of the dividend is November 30, the company said, adding that the interim dividend will be paid within the time stipulated in accordance with the law.

Vedanta previously approved a first interim dividend of Rs 31.5 and a second interim dividend of Rs 19.50 per share.

Moody’s Investors Service previously said a large dividend from its cash-rich Indian operating arm spurred efforts by billionaire Vedanta Resources Ltd billionaire Anil Agarwal to refinance debt.

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

VRL owns 69.7% of Vedanta Ltd.

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

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