Vedanta to consider fifth interim dividend on March 28
The board will meet on March 28 to consider and approve the fifth interim dividend on equity shares
By ETMarkets.com | Updated:
Agencies
Vedanta Ltd in a communication to stock exchanges on Thursday said its board will meet on March 28, 2023, to consider and approve the fifth interim dividend on equity shares, if any, for the financial year 2022-23.
The record date for the purpose of determining the entitlement of the equity shareholders for the dividend, if declared, is being fixed as April 7, 2023, the company added.
Vedanta had earlier announced interim dividend of Rs 12.5 per share in February (ex-date), Rs 17.50 in November, Rs 19.5 in July and Rs 31.50 in April.
Mining mogul Anil Agarwal is weighing a stake sale in Vedanta and is studying the possibility of selling less than 5% of the company, news agency Bloomberg reported on Thursday. However, representatives of the company have denied it.
“Any talks of stake sale in Vedanta Ltd. is untrue and baseless,” a representative for the companies said in response to a Bloomberg News query. Vedanta shares ended nearly 5% lower at Rs 271.35 on the BSE after falling to Rs 267.15 at day's low. Vedanta has a market value of over Rs 1 lakh crore.
Agarwal’s Vedanta Resources Ltd owns about 70% of Vedanta.
Vedanta Resources may rely on dividends from its subsidiary Hindustan Zinc Ltd. to help repay the $400 million worth of dollar-denominated bonds due in April, according to a Bloomberg Intelligence report. Hindustan Zinc on Tuesday said it will pay an interim dividend of 26 rupees a share, or a total of about Rs 11,000 crore.
Surging interest rates globally have pressured low-rated borrowers with heavy debt loads like Vedanta’s. The Vedanta Group in January agreed to sell a zinc manufacturing business to its subsidiary Hindustan Zinc for $2.98 billion in phases over 18 months. The Government of India, which owns about 30% of Hindustan Zinc, strongly opposed the deal.
Vedanta Resources slashed its net debt by $2 billion in the current financial year and will continue to deleverage from net debt of $7.7 billion in the next two financial years, the company said in an exchange filing in February.
(With agency inputs)
The record date for the purpose of determining the entitlement of the equity shareholders for the dividend, if declared, is being fixed as April 7, 2023, the company added.
Vedanta had earlier announced interim dividend of Rs 12.5 per share in February (ex-date), Rs 17.50 in November, Rs 19.5 in July and Rs 31.50 in April.
Mining mogul Anil Agarwal is weighing a stake sale in Vedanta and is studying the possibility of selling less than 5% of the company, news agency Bloomberg reported on Thursday. However, representatives of the company have denied it.
“Any talks of stake sale in Vedanta Ltd. is untrue and baseless,” a representative for the companies said in response to a Bloomberg News query. Vedanta shares ended nearly 5% lower at Rs 271.35 on the BSE after falling to Rs 267.15 at day's low. Vedanta has a market value of over Rs 1 lakh crore.
Agarwal’s Vedanta Resources Ltd owns about 70% of Vedanta.
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Vedanta Resources may rely on dividends from its subsidiary Hindustan Zinc Ltd. to help repay the $400 million worth of dollar-denominated bonds due in April, according to a Bloomberg Intelligence report. Hindustan Zinc on Tuesday said it will pay an interim dividend of 26 rupees a share, or a total of about Rs 11,000 crore.
Surging interest rates globally have pressured low-rated borrowers with heavy debt loads like Vedanta’s. The Vedanta Group in January agreed to sell a zinc manufacturing business to its subsidiary Hindustan Zinc for $2.98 billion in phases over 18 months. The Government of India, which owns about 30% of Hindustan Zinc, strongly opposed the deal.
Vedanta Resources slashed its net debt by $2 billion in the current financial year and will continue to deleverage from net debt of $7.7 billion in the next two financial years, the company said in an exchange filing in February.
(With agency inputs)
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