Vedanta approves fourth interim dividend of Rs 8.5 per share amounting to Rs 3,324 crore

Anil Agarwal

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

Billionaire Anil Agarwal's diversified mining company Vedanta has approved the fourth interim dividend for FY25 at Rs 8.5 per equity share, amounting to Rs 3,324 crore ($392 million), the company said in an exchange filing on December 16.

"...the Board of Directors of Vedanta Limited at its meeting held today i.e. Monday, December 16, 2024, has considered and approved the Fourth Interim Dividend of Rs 8.5/- per equity share on face value of Re 1/- per equity share for the Financial Year 2024-25 amounting to Rs 3,324 crore," said the statement.

This takes the total dividend payout by Vedanta for FY25 to Rs 16,799 crore.

The record date for the payment of dividend shall be December 24, 2024, and the interim dividend shall be paid within stipulated timeline, said Vedanta.

Vedanta's FY25 Dividend Timeline

"This will ensure that VRL in future is self-funded," CFO Ajay Goel had said on November 8.

On December 6, parent Vedanta Resources had released company's encumbered shares held by group subsidiaries entities Twin Star, Welter Trading, Vedanta Mauritius I & II and Vedanta Netherlands. The release of encumbered shares has led to a significant deleveraging at the group level, bringing it to the lowest level in a decade.

Shares of Vedanta ended the session on December 16 lower by 1.15% but have almost doubled so far in 2024, taking its market capitalisation past Rs 1.9 lakh crore.

The company reported a Rs 4,352 crore net profit for the quarter-ended September, helped by higher revenue from metals and a write-back. The second quarter net debt stood at Rs  56,927 crore ,which is lower by Rs 4,400 crore compared to the June quarter and net debt to EBITDA ratio was at 1.49x. The free cash flow with the company pre-capex stands at Rs 8,525 crore, which has risen by 50% on-year. The company remains hopeful of achieving the highest-ever annual EBITDA in FY25.

The company recently raised Rs 8,500 crore through Qualified Institutions Placement (QIP) at Rs 440 a share, which was the largest issuance in India's metals sector.

According to the company, parent Vedanta Resources (VRL) has reduced its debt by $4.7 billion over 2-1/2 years, with current debt standing at $4.8 billion, lowest in a decade.

In October, Vedanta Resources bond was upgraded by Moody’s Ratings, citing company’s successful efforts to access funding. Moody’s had revised Vedanta’s corporate family rating to B3 from Caa1, and also upgraded rating on senior unsecured bonds sold by Vedanta Resources.

S&P Global Ratings upgraded Vedanta Limited in July, citing adequate internal funds with the company to meet debt obligations by end of 2025.