Vedanta to consider second interim dividend as board meet next week, record date fixed
Premium- Vedanta's board will meet on July 19, 2022, to consider and approve second interim dividend, if any
Vedanta Ltd on Thursday informed that the board of directors of the company will meet next week on Tuesday, July 19, 2022, and will consider and approve second interim dividend on equity shares, if any, for the financial year 2022-23.
The company further added the record date for the purpose of determining the entitlement of the equity shareholders for the said dividend, if declared, is being fixed as Wednesday, July 27, 2022.
Further, the trading window shall continue to remain closed for dealing in securities of the Company for all Designated Persons till the expiry of 48 hours after the declaration of unaudited financial results of the Company for the First Quarter ended June 30, 2022, Vedanta said.
A dividend means the distribution of surplus from the profits by a listed company to its shareholders. Vedanta has been returning cash to shareholders through interim dividends every quarter, final dividends at the year-end and an occasional special dividend.
Vedanta's board had announced the first interim dividend of ₹31.5 per equity share i.e. 3,150% of the face value of Re 1 per share for the financial year 2022-23, which was paid in May 2022.
Indian billionaire Anil Agarwal-led Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world's leading mining and metals company with interests in zinc-lead-silver, Iron ore, Steel, Copper, Aluminium, Power, Oil and Gas.
The company last week said it will acquire debt-ridden Athena Chhattisgarh Power Ltd for ₹564.67 crore. Liquidation process for the company was initiated in March last year. The acquisition for a purchase price of ₹564.67 crore is likely to be completed in the ongoing financial year, adding that the consideration will be in the form of cash.
The acquisition will fulfill the power requirement for Vedanta aluminium business and through vertical integration, add synergies by providing a cost advantage pertaining to power consumption, Vedanta had said.
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Shares of Vedanta have are down more than 15% in a year's period, whereas the metal stock has fallen about 36% in 2022 (YTD) so far as compared to 10% fall in benchmark Sensex.
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