Mining major Vedanta Ltd on Wednesday said that the board meeting proposed to be held on October 9 to consider and approve the fourth interim dividend for 2024-25 has been cancelled due to 'unforeseen circumstances'.
In a regulatory filing, Vedanta said," We wish to inform that due to unforeseen circumstances we withdraw the Notice of Board Meeting proposed to be held on October 9, 2024 and accordingly the Board meeting hereby stands cancelled."
Earlier on October 8, Vedanta in a separate filing said,"we wish to inform that
due to unforeseen circumstances, the Board meeting is now rescheduled to be held on October 09,2024.
The record date for the purpose of determining the entitlement of the equity shareholders for the fourth dividend, if declared, is being fixed as October 16, 2024, the mining conglomerate said in an exchange filing. So far, the Anil Agarwal-led entity has approved a total dividend of Rs 13,474 crore for 2024-25.
On September 2, the company's board approved the third interim dividend of Rs 20 per share for the current financial year, taking the total dividend payout for FY'25 to Rs 13,474 crore.
Meanwhile, Vedanta Ltd reported a rise in production of aluminium, zinc and iron ore in the September quarter. However, the production of steel, mined metal overseas and oil and gas dropped during the quarter.
The aluminium output grew 3 per cent to 6,09,000 tonnes in the second quarter compared to the same period last year, Vedanta said in a filing to BSE. At Zinc India, the saleable metal output grew to 2,62,000 tonnes from 2,41,000 tonnes. While at Zinc International the mined metal output dropped by 34 per cent to 44,000 tonnes, from 66,000 tonnes in the second quarter.
Meanwhile, oil and gas output dropped 22 per cent to 1,04,900 boepd (barrels of oil equivalent per day), average daily gross operated production during the quarter from 1,34,100 boepd a year earlier. The production of saleable iron ore rose to 1.3 million tonnes from 1.2 million tonnes in the year-ago period.
The total saleable steel production dropped 22 per cent to 2,96,000 tonnes and power sales rose 7 per cent to 4,322 million units from 4,047 million units in the July-September period of the last financial year.
The company said that the "production was adversely impacted due to the planned shutdown on account of the debottlenecking of steel melting shop and maintenance of oxygen plant in Q2." Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world's leading natural resources companies spanning across India, South Africa, Namibia, Liberia, the UAE, Korea, Taiwan, and Japan with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium and power.
*With Agency Inputs
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