Team News Riveting
Mumbai, December 11
Vedanta Limited has approved an interim dividend of Rs 13.50 a share, leading to an outgo of Rs 5,019 crore.
The move comes after its cash-rich unit Hindustan Zinc Ltd. announced a payout of $1 billion earlier this week. The record date for the purpose of payment of dividend is December 18, 2021, the company said in a regulatory filing today.
London-based parent Vedanta Resources Ltd. will be the biggest beneficiary of the payout and the cash will aid in repaying some of its debt obligations. In September, the Mumbai-based commodities major had announced a first interim dividend of Rs 6,877 crore.
Vedanta’s profit in the three months through September surged more than five-fold as base metal prices rallied on strong demand fired up by global stimulus.
