Vedanta approves interim dividend of Rs.11 per share

Vedanta Ltd on Monday approved an interim dividend of Rs.11 per equity share i.e. 1100% on the face value of Rs.1 per equity share for the Financial Year 2023-24. The record date for the dividend payment worth Rs.4,089 crores has been fixed as December 27.

Vedanta shares have soared by nearly 4 per cent since the company declared of announcing interim dividend on December 14. Earlier, the Anil Agarwal-led company had announced its first interim dividend of Rs.18.50 per share in May this year.

In another development, Vedanta's committee of directors will consider the proposal for issuance of Non-Convertible Debentures (NCDs) on a private placement basis in its meeting going to take place on Tuesday.

The issuance of NCDs is also a part of the company's routine refinancing undertaken in the ordinary course of business.

Recently, Vedanta Resources Ltd (VRL) the UK-headquartered parent company of Vedanta group), secured a $1.25 billion loan from private credit lenders to refinance/repay part of the $3.2 billion debt maturing in 2024 and 2025.