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Shares of Vedanta Ltd started trading ex-dividend on Tuesday, a day ahead of its record date which has been fixed as Wednesday, November 30, 2022 for the purpose of the payment of the third interim dividend of 17.50 per share or 1750% for the financial year 2022-23. Vedanta shares rose over a per cent on the BSE in opening trading session.

“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 record date for the purpose of payment of dividend is Wednesday, November 30, 2022. The interim dividend will be paid within stipulated timelines as prescribed under law," the company had informed in an exchange filing.

Billionaire Anil Agarwal-led Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world's leading mining and metals company with interests in zinc-lead-silver, Iron ore, Steel, Copper, Aluminium, Power, Oil and Gas across India, South Africa and Namibia.

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.

Vedanta has been returning cash to shareholders through interim dividends every quarter, final dividends at the year-end and an occasional special dividend. In the past 12 months, Vedanta has declared an equity dividend amounting to 77.50 per share. At the current share price , this results in a dividend yield of 25%, as per data by Trendlyne.

For the quarter ended September, the metals-to-oil conglomerate reported a 60.8% slide in quarterly profit, on cooling global commodity prices and a surge in fuel and power expenses. Its consolidated net profit fell to 1,808 crore from 4,615 crore a year earlier. Revenue was up 20% year-on-year to 36,237 crore as compared to 23,171 crore, but declined 5.3% sequentially.

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