The board of Vedanta Ltd. has declared an interim dividend of Rs 9.50 per share, at its meeting held on Saturday. The company had earlier intimated that the record date for the dividend was set as October 31, 2020.
The dividend payout will amount to Rs 3,500 crore, the company informed exchanges.
Shareholders were awaiting the dividend announcement from the company after its much publicised delisting process failed, two weeks back.
“We wish to reiterate our unflinching commitment to India particularly in the natural resources sector. We are confident that Vedanta Ltd. will continue to grow from strength to strength as a listed entity on the Indian stock exchanges,” the company had said after the delisting process, as per a PTI report.
“The cash generating business of Cairn India Ltd. and Hindustan Zinc Ltd. distribute handsome dividends and that is the argument for a recovery in the stock price along with the recovery in the metal cycle," Deven Choksey, managing director of financial services firm KRChoksey had told BloombergQuint on October 10.
On October 20, Hindustan Zinc had declared an interim dividend of Rs 21.3 per share, alongside its quarterly results. Vedanta holds 64.92% stake in Hindustan Zinc as per its latest shareholding pattern. Based on the stake, Vedanta is supposed to receive a sum of Rs 5,842 crore from Hindustan Zinc, in the form of dividend.
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