Vedanta to pay Rs 5,019 crore in dividends after solid earnings
Billionaire Anil Agarwal’s Vedanta Ltd. will reward shareholders with a dividend payout for the second time this year after reporting back-to-back bumper profits in the past year.
Vedanta approved an interim dividend of Rs 13.50 a share, totaling Rs 5,019 crore, according to an exchange filing Saturday. 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.
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.
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