Vedanta Declares First Interim Dividend For FY22
Vedanta Ltd. has declared its first interim dividend for the year ending March 2022.
The total outgo from the interim dividend of Rs 18.5 per share would amount to Rs 6,877 crore, the company said in an exchange filing. The record date for its payment is Sept. 9, 2021.
The company had set Oct. 31 as the deadline to pass on dividend received from its subsidiary Hindustan Zinc Ltd. last fiscal to avoid tax implications.
Vedanta paid Rs 3,471.3 crore as dividend in FY21.
The announcement, according to Edelweiss Securities, is in line with expectations. This implies that the entire residual dividend from Hindustan Zinc in FY21 has been passed on, it said.
The brokerage said the subsidiary hasn't declared any interim dividend for FY22 till now, suggesting that any dividend that it declares from now on would be additional.
Vedanta's promoters would pocket Rs 4,482 crore as their first interim dividend for the ongoing fiscal, as they held 65.2% stake in the company according to shareholding pattern for the quarter ended June.