Business News/ Markets / Stock Markets/  Hindustan Zinc shares trade ex-dividend today on record date; stock falls

Shares of Hindustan Zinc Ltd dipped more than 2% to 295 on the BSE in Wednesday's opening trading session as the stock started trading ex-dividend on the record date which has been fixed on March 29, 2023.

Hindustan Zinc Ltd, owned by billionaire Anil Agarwal, announced its fourth interim dividend of 26 per share, amounting to a total payout of 10,985.8 crore. According to an exchange filing, the record date for the payment of the dividend is March 29, 2023, as previously communicated.

With this, its fourth dividend payout, HZL, India's largest integrated integrated producer of Zinc, Lead and Silver business has declared its highest-ever dividend of 32,000 crore for FY 23.

In the three previous interim dividends, Hindustan Zinc first traded ex-dividend on July 20, 2022, for a payment of 21 per share for FY23. It then traded ex-dividend on November 23, 2022, for a payment of 15.50 per share, and on January 30, 2023, for a payment of 13 per share for FY23.

Vedanta Resources is relying heavily on dividends from its units to help cut a net debt of $7.7 billion as its plan to raise $3 billion by selling a zinc manufacturing unit to Hindustan Zinc Ltd. has been vehemently opposed by the Indian government, which owns about 30% of Hindustan Zinc, has threatened to take legal action to stop the sale on concerns ranging from high valuations to it being a related-party transaction, as per Bloomberg.

Meanwhile, Vedanta Ltd will hand out a fifth dividend for the financial year ending Friday as parent Vedanta Resources Ltd seeks to shore up funds to trim debt. Total payouts by Vedanta Ltd. for the year, including earlier dividends, will be about 377 billion rupees, according to Bloomberg calculations.

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Updated: 29 Mar 2023, 09:18 AM IST
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