Vedanta to Pay $663 Million in Dividends After Solid Earnings
Vedanta to reward shareholders with a dividend payout for the second time this year.
(Bloomberg) -- Billionaire Anil Agarwal’s Vedanta Ltd. will reward shareholders with a dividend payout for the second time this year after reporting back-to-back bumper profits in the past year.
Vedanta approved an interim dividend of 13.50 rupees a share, totaling 50.19 billion rupees ($663 million), according to an exchange filing Saturday. The move comes after its cash-rich unit Hindustan Zinc Ltd. announced a payout of $1 billion earlier this week.
London-based parent Vedanta Resources Ltd. will be the biggest beneficiary of the payout and the cash will aid in repaying some of its debt obligations. In September, the Mumbai-based commodities major had announced a first interim dividend of 68.77 billion rupees.
Vedanta’s profit in the three months through September surged more than fivefold as base metal prices rallied on strong demand fired up by global stimulus.
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