Mining major Vedanta Ltd on September 2 said its board approved third interim dividend of Rs 20 per share for FY25.
"The Board of Directors of Vedanta Limited, at its meeting held today i.e. Monday, September 2, 2024, has considered and approved the third Interim Dividend of Rs 20 per equity share on face value of Re 1 per equity share for the Financial Year 2024-25 amounting to Rs 7,821 crore," said Vedanta in a stock exchange filing.
The record date for the purpose of payment of dividend shall be September 10, 2024.
On September 2, Vedanta's shares on BSE closed nearly 1 percent lower at Rs 464 apiece.
Vedanta had announced a second interim dividend of Rs 4 per share for the current fiscal year in July at a total payout worth Rs 1,564 crore. In May, Vedanta board approved its first interim dividend of FY25 at Rs 11 per share amounting to a payout of Rs 4,089 crore.
In July, Anil Agarwal-led Vedanta raised Rs 8,500 crore through Qualified Institution Placement (QIP) at Rs 440 per share.
Some of the marquee investors that have been allotted equity shares through the QIP include Abu Dhabi Investment Authority (ADIA), Goldman Sachs AMC, Nippon Mutual Fund, SBI Mutual Fund, UTI Mutual Fund, ICICI Mutual Fund, Aditya Birla Mutual Fund and Mirae Mutual Fund.
Various funds run by Nippon Mutual Fund were allotted 9.11 percent of the total issue size, while funds managed by Morgan Stanley and SBI Mutual Fund received 8.62 percent and 7.88 percent, respectively.
The mining major has various projects under execution, having high potential for increasing volume, business integration, and enhancing the range of value-added products across its businesses. These growth projects will be the key drivers to Vedanta's near-term EBITDA target of $10 billion.
The mining major announced a plan to demerge its business units into independent pure-play companies in September last year.
The demerger will help unlock value and attract large-scale investment into the expansion and growth of its businesses. It will create independent companies housing the aluminium, oil & gas, power, steel and ferrous materials, and base metals businesses, while the existing zinc and new incubated businesses will remain under Vedanta Limited.
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