Vedanta Ltd, helmed by billionaire Anil Agarwal, has announced an interim dividend of Rs. 13 per equity share, resulting in expenses of Rs 4,832 crore for the mining giant. For the fiscal year 2021-22, this was the third interim dividend.
According to a stock exchange release, the company’s Board of Directors authorized the interim dividend on March 2, which corresponds to 1,300% on the face value of every equity share worth Rs 1. The dividend payment record date is March 10, according to the company.
Vedanta declared an interim dividend of Rs. 18.50 per share in September 2021, and a dividend of Rs. 13.50 per share in December 2021. When all three payments are added together, the dividend yield is roughly 11.62% of the stock’s closing price on March 2. In September, the dividend outgo was Rs 6,876.82 crore, while in December, it was Rs. 5,018.22 crore.
Vedanta has a total combined debt of Rs. 57,026 crore as of FY21. On March 2, the company’s shares closed at R.s 387.35 on the BSE, higher 1.81% from the previous close.
According to analysts, Vedanta will gain from a dramatic rise in base metal prices, which will be supported by a jump in energy costs as a result of rising tensions between Russia and Ukraine. They also expect the performance of the company to improve as volumes increase and longer metal prices rise, leading to bigger dividends, despite the company’s massive debt repayment obligations.
