Vedanta extends record dividend spree with $83m bonanza
Vedanta will award a dividend of 68.8-billion rupee ($830-million), the first payout in the fiscal year to March 2024 after five rounds of generous payments last year.
Anil Agarwal’s Indian miner will pay an interim dividend of 18.50 rupees per share, according to an exchange filing dated May 22. The Mumbai-based company’s move follows last year’s record payout of $4.6-billion, which helped its debt-laden parent Vedanta Resources Ltd.
These dividends are key for Agarwal as his holding company has a $500-million bond due at the end of this month and a much larger pile of debt maturing in 2024. The Indian mining conglomerate is also in talks with banks to raise at least $500-million, according to people familiar with the matter.
Vedanta Resources slashed gross debt by $1-billion to $6.8-billion in April, and paid off a further $800 million in loans this month.
Shares of Vedanta Ltd. rose about 2% at close in Mumbai on Monday before the dividend was announced.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation