“Vedanta Ltd Approves ₹11 per Share Interim Dividend for FY 2023-24, Record Date Set for December 27”
“On Monday, December 18, 2023, Vedanta Ltd announced the approval of a second interim dividend of ₹11 per equity share, reflecting a substantial 1100% on the face value of ₹1 per equity share for the Financial Year 2023-24. The record date for the dividend payment, totaling ₹4,089 crores, has been fixed as Wednesday, December 27, 2023, as per the company’s filing with the stock exchange.
Since the declaration of the interim dividend on December 14, Vedanta shares have experienced a nearly 4% surge. This follows the earlier announcement in May this year when the Anil Agarwal-led company declared its first interim dividend of ₹18.50 per share.
In an additional development, Vedanta’s committee of directors is scheduled to review a proposal for the issuance of Non-Convertible Debentures (NCDs) on a private placement basis in a meeting slated for Tuesday, December 19, 2023. The issuance of NCDs is described as part of the company’s routine refinancing activities undertaken in the ordinary course of business.
In a filing to the Bombay Stock Exchange (BSE), Vedanta stated, “The company proposes to hold a meeting of its duly constituted Committee of Directors on Tuesday, December 19, 2023, to consider the proposal for issuance of NCDs on a private placement basis.”
Notably, Vedanta Resources Ltd (VRL), the UK-headquartered parent company of the Vedanta group, recently secured a $1.25 billion loan from private credit lenders. This financing is intended to refinance and repay a portion of the $3.2 billion debt maturing in 2024 and 2025.”
