Vedanta, led by billionaire Anil Agarwal, will reward shareholders by paying them a dividend for the second time this year after posting consecutive record profits over the past year.
The mining company approved an interim dividend of ??13.50 per share, totaling ??5,019 crore, the company said on Saturday in a filing with the ESB. It comes after its cash-rich Hindustan Zinc Ltd unit announced a $ 1 billion payment earlier this week.
Hindustan Zinc announced on December 7 that its board of directors had approved an interim dividend of ??18 per share for 2021-2022, i.e. ??7,605.57 crores.
London-based parent company Vedanta Resources Ltd will be the biggest beneficiary of the payment and the money will help pay off some of its debt obligations. In September, the Mumbai-based commodities major announced a first interim dividend of 68.77 billion rupees.
Vedanta’s profit in the three months to September has increased more than fivefold as base metal prices rebound amid strong demand fueled by the global stimulus.
The shares of Vedanta NSE 0.36% Ltd. ??350.1 on the BSE at 12:18 p.m. (IST) on Friday, up 0.46% from the previous close. The stock traded at a 52-week low price of ??130.0 and a maximum of ??385.75.
The shares of Vedanta Ltd have a market value of ??130,250.57 crores.
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