The board of Hindustan Zinc Ltd. approved a fourth interim dividend for the current financial year worth Rs 10,985.8 crore, nearly two thirds of which will go to cash-starved parent Vedanta Ltd.
The company will pay an interim dividend of Rs 26 for each share having a face value of Rs 2, according to its exchange filing. The record date is March 29 and the payout will be made within stipulated timelines as prescribed under law, it said.
Hindustan Zinc has paid dividend thrice already during the fiscal, resulting in a total payout of Rs 20,915.4 crore to shareholders.
Vedanta holds 274.32 crore shares in Hindustan Zinc as a promoter, representing 64.92% of the overall shareholding of the zinc and silver mining company.
As a result, Vedanta will receive around Rs 7,132.2 crore from the fourth interim dividend. The promoter has received Rs 13,578.02 crore from three dividends so far. The latest dividend will take Vedanta's total income from Hindustan Zinc payouts to Rs 20,710.22 crore.
The Government of India, with 29.54% stake in Hindustan Zinc, will get Rs 3,244.6 crore from the latest payout.
Shares of Hindustan Zinc closed 0.06% lower on Tuesday as compared with a rise of 0.77% in the benchmark Sensex.
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