Anil Agarwal’s Vedanta announces second dividend of Rs 11 apiece for FY24

Anil Agarwal-led Vedanta Ltd on Monday announced the second interim dividend of Rs 11 per share for 2023-24. In a regulatory filing, the company said that it is 1,100 per cent of the face value of Rs 1 per equity share and will cost the company Rs 4,089 crore.

“We wish to inform you that the Board of Directors of the company, in its meeting held today ie, on Monday, December 18, 2023, has approved the second interim dividend of Rs 11 per equity share i.e, 1,100 per cent on the face value of Rs 1 per equity share for the Financial Year 2023-24 amounting to Rs 4,089 crore,” the filing read.

The record date for payment of dividend has been fixed at December 27, 2023 and the interim dividend shall be duly paid within the stipulated timelines as prescribed under law, the company further said.

Earlier, in May, the company had declared its first interim dividend for 2023-24 of Rs 18.5 per share.

Last week, Vedanta Resources, the parent company of the Vedanta Group, announced that it has secured a loan of $1.25 billion from private credit lenders to refinance part of its $3.2 billion debt, which will mature in 2024 and 2025.

However, global rating agency S&P downgraded the company’s ratings to “CC” from “CCC”.

“The successful completion of a liability management exercise initiated by Vedanta Resources Ltd to extend the maturities of three of its US dollar-denominated bonds will constitute a distressed exchange under our criteria,” the rating agency said.

The shares of Vedanta Ltd closed 1.34 per cent in the green at Rs 260.60 apiece on BSE on Monday. 

First Published: Dec 18 2023 | 5:18 PM IST