The world's foremost natural resources mining giant, Vedanta, has recently announced its fifth interim dividend, amounting to Rs.7621 cr for the financial year 2023. The record date for the payment is 7th April if approved by the shareholders.
Vedanta would distribute an interim dividend of Rs. 20.50 per equity share, having a face value of Rs. 1 (a whopping 2050%). Shareholders whose names appear in the company's registrar before the end of working hours on the record date, 7th April, will receive the fifth interim dividend payment.
The first dividend was paid in May, the second in July, the third in November and the fourth in February, amounting to Rs. 31.5, Rs 19.5, Rs. 17.5, and Rs. 12.5, respectively.
The mining giant also announced the resignation of its acting CFO (Chief Financial Officer) and KMP (Key Managerial Personnel) Ajay Goel on 9th April this year.
According to Vedanta, the company and board have expressed appreciation for his commitment and contribution during his tenure and wished him the best in his future endeavours. According to the news, he has resigned to pursue his career outside the company.
On a consolidated basis, Vedanta had cash and cash equivalents of 23,474 crore and total debt of 61,550 crores as of the quarter that ended last December. Vedanta, the mega-cap, has been declaring generous dividends to boost the cash flow of the parent firm, Vedanta Resources, to reduce debt.
Dividend payments in FY23 were Rs 37,733 crore (including the fifth dividend). The current share price of Vedanta is 280.10 per share with a dividend yield of 30% (approx).
– Kritika Singhal