Hindustan Zinc approves fourth interim dividend of Rs 26 per share for FY23

In July, Hindustan Zinc had announced an interim dividend of Rs 13 a share for FY23.

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Hindustan Zinc Ltd, a Vedanta Group firm, on March 21, announced a fourth interim dividend of Rs. 10985.83 Crores to its shareholders, according to an exchange filing.

The firm said its board approved a dividend of Rs 26 a share or 1300 percent for the financial year 2022-23. It fixed the record date for the dividend as March 29.

"Board of Directors of the Company in its meeting held on March 21, 2023 have approved Fourth interim dividend of Rs 26/- per equity share i.e. 1300 percent on face value of Rs. 2/- per share for the Financial Year 2022-23 amounting to Rs 10985.83 Crores," the regulatory filing stated.

The interim dividend will be paid within stipulated timelines as prescribed under law, the exchange filing further noted.

In January 2023, the firm had announced an interim dividend of Rs 13 a share. The company had declared a dividend of Rs 15.50 per share in November 2022.  The company declared a Rs 21 dividend for its stockholders in July 2022.

Recently, Hindustan Zinc made headlines when Reuters reported, citing a senior government source, that unless the company cancels the almost $3 billion cash acquisition of two Vedanta Group companies, the Indian government may postpone plans to sell a portion of its ownership in the company.

The company, in the last financial results released for the quarter ending December 31, 2022, reported a 20.17 percent drop in its consolidated net profit at Rs 2,156 crore and announced that revenue from operations also fell 2.71 percent to Rs 7,628 crore for the quarter ended December 2022.

The government is the largest minority shareholder in Hindustan Zinc, an integrated producer of zinc, lead and silver, with a 29.54 percent stake, while Vedanta owns 64.9 percent.

At close, Hindustan Zinc was quoting at Rs 310.45, down Rs 0.20, or 0.06 percent, on the BSE. It touched an intraday high of Rs 313.20 and an intraday low of Rs 309.75.