Vedanta to pay $932m in dividend to help parent cut debt
Indian tycoon Anil Agarwal’s Vedanta approved a third tranche of dividend payout, its latest effort to improve the financial position of its indebted London-based mining parent.
The Mumbai-based miner will pay an additional 78.21-billion rupees ($932-million) dividend, according to a statement to exchanges. This takes its total payout for the year ending March to 134.75-billion rupees.
Vedanta Resources, which has been burdened by a heavy debt load amassed due to a string of acquisitions, reduced its dues by $4.5-billion in the last two years. It seeks to further repay $3-billion over the next three years with an eye on improving its liquidity.
As a result of the measures, S&P Global Ratings upgraded the firm’s rating in July saying the company had adequate internal funds to meet debt maturities due by end-2025.
The date for the dividend payment has been set to September 10.
The group is also splitting Indian unit Vedanta into six listed companies giving investors direct exposure to a business of their choice and in turn improve the value of the group’s component parts.
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