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Billionaire Anil Agarwal-led mining giant, Vedanta Group on Tuesday approved the third interim dividend of 17.50 per share or 1750% for the financial year 2022-23. The filing by the company said the dividend will amount to 6,505 crore.

The record date for the same has been fixed as Wednesday, 30 November, 2022.

“We wish to inform you that the Board of Directors of the Company through resolution passed by circulation on Tuesday, November 22, 2022 have approved Third Interim Dividend of 17.50 per equity share i.e. 1750% on face value of Re. 1/- per share for the Financial Year 2022-23 amounting to c. 6,505 crores," the company said in a regulatory filing.

The interim dividend will be paid within stipulated timelines as prescribed under law, the mining major said.

The Mumbai-headquartered company paid its first interim dividend of 31.5 per equity share for FY23 to shareholders in May 2022, followed by the second interim dividend of 19.5 per share to eligible shareholders in July.

 

Earlier, Moody's Investors Service had said a large dividend from its cash-rich India operating arm has boosted Vedanta Resources Ltd's efforts to refinance debt.

Vedanta Ltd, an arm of Vedanta Resources Ltd, is one of the world's leading oil and gas and metals firm with operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa and Namibia.

Shares of Vedanta settled 0.81% higher at 310.40 apiece on the NSE on Tuesday.

ABOUT THE AUTHOR

Meghna Sen

Meghna Sen is a deputy chief content producer at Livemint where she tracks companies, markets, news. She has 5+ years of experience with online and print publications. Email: meghna.sen@htdigital.in
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