Vedanta announces 3rd interim dividend of 17.50 share

Vedanta announces 3rd interim dividend

The interim dividend of Rs 17.5 per equity share, announced on November 22 by billionaire Anil Agarwal-led Vedanta Ltd, will cost the large mining company Rs 6,505 crore. The fiscal year 2022–2023’s third interim dividend is being paid out now.

Details about Vedanta announces 3rd interim dividend of 17.50 share:

A stock exchange announcement states that the company’s board of directors on November 22 declared an interim dividend equal to 1750% of the face value of each share worth Rs 1.

Vedanta stated in an exchange filing that the Board of Directors of the Company had approved the Third Interim Dividend of 17.50 per equity share, or 1750% on the face value of Re.1 per share, for the Financial Year 2022–23, totaling about 6,505 crores.

According to the corporation, the record date for the dividend payment is November 30.

Vedanta approved the first interim dividend of Rs 31.5 per equity share equivalent to Rs 11,710 crore on April 29, and the second interim dividend of Rs 19.5 per equity share was announced on July 20 and resulted in a dividend payout of Rs 7,250 crore.

Vedanta has declared an equity dividend of 4500.00%, or Rs 45 per share, for the fiscal year ending March 2022. This amounts to a dividend yield of 14.52% at the current share price of Rs 310.00.

The company has a solid dividend track record and has distributed dividends consistently over the last five years.

The company’s London-based parent, Vedanta Resources (VRL), ended its rating engagement with Moody’s Investor Services just over three weeks ago, according to a press release on the Singapore exchange dated November 3. VRL has also requested that Moody’s drop all outstanding ratings. Moody’s Investor Service downgraded Vedanta Resources’ debt to junk status and stated fundraising attempts are taking longer than expected.

Vedanta had a total debt of $117 billion as of FY22. While the corporation reduced its debt in FY22, it accelerated in the first half of FY23.

The company recorded a 53 percent year-on-year (YoY) fall in consolidated profit after tax (PAT) at Rs 2,690 crore in the quarter ending September 2022, owing to lower commodities prices and higher fuel expenses.

On November 22, the firm’s shares closed at Rs 310.05 on the BSE, up 0.71 percent from the previous close.

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