Vedanta, a mining and metals business, announced that its board has recommended paying an interim dividend of Rs 19.5 per share, or Rs 7,250 crore. The business has declared its second interim dividend in FY23, totaling Rs 18,958 crore.
Vedanta Resources, an unit of billionaire Anil Agarwal's metals and oil conglomerate, announced in a regulatory update that the company has set July 27 as the record date for the second interim dividend. According to stock exchange information, Vedanta approved an interim dividend of Rs 11,709 crore on April 6.
According to the company's annual report for FY22, it will distribute a minimum of 30% of its attributable net profit as dividends, subject to a number of variables such cash flows, the state of the economy, and cycles in the price of commodities, among others. Nearly 70% of the Indian company is owned by Vedanta Resources, a company based in London. The dividend is crucial for the parent company as bond prices have fallen as a result of the pandemic and rising commodity prices, among other causes.
According to a data, Vedanta gave Vedanta Resources dividend payments totaling $1.5 billion in FY22 and an extra $932 million in April. A further Vedanta affiliate, Hindustan Zinc, paid an interim dividend on July 13 for Rs. 21 per share, bringing the overall outflow to Rs. 8,873 crore. The 21st of July was established as the record date for dividend payment. The government of India owns a 29.5 percent ownership in the business, while Vedanta controls 64.9 percent.