Vedanta Limited has decided to pay an interim dividend of ₹21 per equity share implying a dividend of 2,120% on a face value of ₹1 per share. This will entail a total dividend payout of ₹8,091 crore to both its equity and preference shareholders.
“The record date for the purpose of payment of dividend is March 21, 2018. The total payout is ₹7,881 crore, being the highest ever dividend payout by the company in a financial year,” the company said in a statement.
Vedanta’s board has also approved the dividend at the rate of 7.5% p.a. for Financial Year 2017-18 on preference shares of ₹3,010 crore issued and allotted on April 28, 2017 due to merger of Cairn India with Vedanta Limited.
The company has also appointed former SEBI chairman U.K. Sinha as a non-executive independent director.
Navin Agarwal, Chairman Vedanta Limited, said, “We warmly welcome Mr. UK Sinha on the board. Mr. Sinha is an architect of strong regulatory regime for India’s capital markets. As a corporate with highest standards of corporate governance and ethics, we believe, this will be a befitting association.”
Mr. Sinha said, “In the current environment, with greater emphasis on disclosure and governance for corporate India, I am glad to contribute to Vedanta Limited achieving greater levels in its corporate governance practices.”
Vedanta shares rose 1.2% on the BSE to close at ₹320.85 in a weak Mumbai market on Tuesday.
