Vedanta approves second interim dividend of Rs 11 per share for FY24

Since July 2001, Vedanta has declared 41 dividends

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Mining and metals major Vedanta Limited approved a second interim dividend of Rs 11 per equity share on December 18, which is 100 percent on face value of Rs 1 per equity share for financial year 2023-24 (FY24).

On December 18, the stock of Vedanta closed 1.4 percent higher at Rs 260 per share. In comparison, the benchmark Sensex was down 168 points or 0.24 percent to 71,315 levels.

According to Vedanta’s exchange filing, the total amount of interim dividend stood at Rs 4,089 crore.

“The record date for the purpose of payment of dividend shall be December 27, 2023 and the interim dividend shall be duly paid within the stipulated timelines as prescribed under law,” the filing added.

ALSO READ: S&P Global Ratings downgrades Vedanta Resources amid bond maturity extension

Since July 2001, Vedanta has declared 41 dividends. In the past one year, Vedanta has declared equity dividend amounting to Rs 51.50 per share.

Vedanta – a natural resources conglomerate has primary interests in aluminum, zinc-lead-silver, oil and gas, iron ore, steel, copper, power, ferroalloys, nickel, semiconductor, and glass.

Earlier, S&P Global Ratings downgraded the rating of Vedanta Limited’s parent Vedanta Resources’ long-term issuer credit rating and long-term issue ratings on the company’s bonds due January 2024, August 2024, and March 2025 to ‘CC’ from ‘CCC.’

The global rating agency said the Vedanta parent’s ratings stayed on ‘CreditWatch’ with negative implications.

“The likelihood of a conventional default in the absence of the transaction is high. This is because of the company’s large upcoming debt maturities and weakened access to both internal cash flow and external financing,” the ratings agency highlighted.

In the past three months, Vedanta shares have surged 10 percent as against five percent rise in the benchmark Sensex.

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