Vedanta Limited, a major mining conglomerate, saw its shares rise nearly 2% following the announcement that the company will consider a second interim dividend for the fiscal year 2024-25. The company’s Board of Directors is set to meet on July 26, 2024, to discuss and potentially approve this dividend.
In a recent stock market disclosure, Vedanta stated, “The meeting of the Board of Directors of the company is proposed to be scheduled on Friday, July 26, 2024, to consider and approve the second interim dividend on equity shares, if any, for the financial year 2024-25.” The record date for determining the entitlement of shareholders for this dividend, if declared, is set for August 3, 2024.
As of 11:00 AM, Vedanta’s shares were trading 1.12% higher at ₹439.80 on the NSE.
This announcement comes on the heels of Vedanta’s recent successful fundraising, where the company raised ₹8,500 crore (over $1 billion) through a qualified institutions placement (QIP). This involved issuing 19.31 crore equity shares at ₹440 per share, which was a 4.61% discount to the floor price of ₹461.26 per share.
The company’s financial maneuvers and strategic decisions, such as acquiring critical mineral blocks in Karnataka and Bihar, continue to shape its market presence and investor interest.
