Vedanta announces third dividend of Rs 17.50 per share

New Delhi: Mining giant Vedanta on Monday announced the third interim dividend of Rs 17.50 per equity share for the current financial year, amounting to Rs 6,505 crore.

The mining giant's gross debt stood at Rs 58,597 crore as on September 30.

"The board of directors of the company through resolution passed by circulation on Tuesday, November 22, 2022 have approved third interim dividend of Rs 17.50 per equity share i.e. 1750 per cent on face value of Re 1 per share for the financial Year 2022-23 amounting to Rs 6,505 crore," Vedanta said in a filing to BSE.

The record date for the purpose of payment of dividend is November 30, the company said, adding the interim dividend will be paid within stipulated timelines as prescribed under law.

Vedanta had earlier approved first interim dividend of Rs 31.5 and second interim dividend of Rs 19.50 per equity share.

Moody's Investors Service had earlier said a large dividend from its cash-rich India operating arm has boosted billionaire Anil Agarwal-led Vedanta Resources Ltd's efforts to refinance debt.

On April 28, Vedanta Ltd announced that its board of directors approved an interim dividend of Rs 11,710 crore (USD 1.56 billion), of which USD 1.02 billion will be received by its holding company Vedanta Resources Limited (VRL).

VRL owns 69.7 per cent of Vedanta Ltd.

Vedanta Ltd, an arm of Vedanta Resources Ltd, is one of the world's leading oil and gas and metals company with operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa and Namibia.