Home / Companies / News /  Vedanta to pay 19.50 per share as second interim dividend, record date fixed

In a move that will help its debt-heavy parent, billionaire Anil Agarwal-led Vedanta Ltd's Board of Directors on Tuesday approved paying 19.50 per equity share as second interim dividend for fiscal 2022-23 amounting to 7,250 crore, the company announced in a regulatory filing.

The interim dividend will be paid within stipulated timelines, the company said.

“We wish to inform you that the Board of Directors of the Company through resolution passed by circulation on Tuesday, July 19, 2022 have approved Second Interim Dividend of 19.50 per equity share i.e. 1950% on face value of Re. 1/- per share for the Financial Year 2022-23 amounting to c. 7,250 crores," the company statement read.

The record date for the purpose of payment of dividend is Wednesday, 27 July 2022, the metal and mining firm said.

Its controlling shareholder, London-based holding vehicle Vedanta Resources, owns about 70% of the Indian firm, which is its main asset.

The dividend is key for its parent, which has seen its bonds fall the most in June since the early months of the pandemic in 2020, amid concerns that the risk of an economic recession may put more pressure on commodity prices, and impact the worth of its assets.

A dividend means the distribution of surplus from the profits by a listed company to its shareholders.

Vedanta has been returning cash to shareholders through interim dividends every quarter, final dividends at the year-end and an occasional special dividend.

Vedanta's board had announced the first interim dividend of 31.5 per equity share i.e. 3,150% of the face value of Re 1 per share for the financial year 2022-23, which was paid in May this year.

Vedanta Limited is one of the world's leading oil and gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa and Namibia.

Mumbai-listed Vedanta’s share price has fallen by about 45% from its peak in April. It closed 0.6% higher today.

ABOUT THE AUTHOR

Meghna Sen

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