Vedanta board approves interim dividend of Rs 9.5 per share
The total cost of the dividend payout is expected to be Rs 3,500 crore. The record date of the payout is set as October 31.
October 24, 2020 / 11:13 PM IST
The Board of Directors of Vedanta on October 24 approved first interim dividend of Rs 9.5 per share for the financial year 2020-21, amounting to Rs 3,500 crore.
The record date of the payout is set as October 31, Vedanta said in an exchange filing.
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The announcement has come days after the failed delisting offer of the metal to mining conglomerate.
"The board of directors of the company through resolution passed by circulation on Saturday, October 24, 2020, have approved first interim dividend of Rs 9.50 per equity share i.e. 950 per cent on face value of Re 1 per share for the Financial Year 2020-21 amounting to Rs 3,500 crore," Vedanta Ltd said in a filing to BSE.
The interim dividend will be paid within stipulated timelines as prescribed under law, the filing added.
Shareholders were waiting for the dividend announcement from Vedanta after the company's delisting process failed this month.
Vedanta Ltd's delisting went from almost-a-success to failure on account of a large quantity of unconfirmed orders.
In a regulatory filing, Vedanta had said its buyback offer is deemed to have failed as per the terms of the delisting regulations after promoter Vedanta Resources did not receive the required number of shares to delist the firm.
A large number of unconfirmed bids and some technical glitches in the tender process are likely to have contributed to the failure.