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Vedanta board to discuss a fifth interim dividend for this year today

Meanwhile shares of Vedanta on Thursday (March 23) closed 4.87 percent lower at Rs 271.35 apiece

March 28, 2023 / 06:26 AM IST
(Representative image)

(Representative image)

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The board of billionaire Anil Agarwal-led Vedanta Ltd may discuss today a fifth interim dividend for the financial year 2022-23.

"The board of directors of the company is proposed to be scheduled on March 28 to consider and approve the fifth interim dividend on equity shares, if any, for the Financial Year 2022-23," the company said in a regulatory filing.

Meanwhile, shares of Vedanta on Thursday (March 23) closed 4.87 percent lower at Rs 271.35 apiece on BSE amid reports which said that mining mogul Anil Agarwal is contemplating a stake sale in Vedanta as a last-resort option and is examining the possibility of selling less than 5 percent of the company.

However, soon after the report, Vedanta termed any such talks of sale in oil-to-metals conglomerate as ''untrue and baseless.'

According to the company's spokesperson, ''Any talk of stake sale in Vedanta Ltd is untrue and baseless.'' The media report said that a stake sale in Vedanta is a last resort for Agarwal and will only be considered if other fundraising options fail.

Vedanta Resources which is a majority shareholder of Vedanta Ltd has been looking to reduce its debt through the sale of its zinc assets for a cash consideration of $2,981 million to Hindustan Zinc Ltd (HZL). However, the government which holds a 29.54 percent stake in Hindustan Zinc has sternly opposed this move.

Vedanta holds 64.92 percent of the equity share capital of HZL.

Vedanta Resources had recently said that it has fully repaid $250 million in loans it had taken from Barclays Bank and Standard Chartered Bank.

Moneycontrol News
first published: Mar 23, 2023 09:03 pm