Vedanta Ltd, led by Anil Agarwal, declared a second interim dividend of Rs 11 per share for 2023-24 on Monday. According to a regulatory filing, it is 1,100% of the face value of Rs 1 per equity share and will cost the business Rs 4,089 crore.
"We wish to inform you that the Board of Directors of the company, in its meeting held today ie, on Monday, December 18, 2023, has approved the second interim dividend of Rs 11 per equity share i.e, 1,100 percent on the face value of Rs 1 per equity share for the Financial Year 2023-24 amounting to Rs 4,089 crore," the statement said.
The record date for dividend payment has been set at December 27, 2023, and the interim dividend will be paid in accordance with the legislation, according to the firm. Previously, in May, the business declared its first interim dividend of Rs 18.5 per share for the fiscal year 2023-24.
Vedanta Resources, the parent company of the Vedanta Group, revealed last week that it has acquired a $1.25 billion loan from private credit lenders to restructure a portion of its $3.2 billion debt, which is set to maturity in 2024 and 2025. However, global rating agency S&P lowered the company's ratings from "CCC" to "CC".
"The successful completion of a liability management exercise initiated by Vedanta Resources Ltd to extend the maturities of three of its US dollar-denominated bonds will constitute a distressed exchange under our criteria," the agency said in a press release. On Monday, Vedanta Ltd shares closed 1.34 percent higher at Rs 260.60 a share on the BSE.
