Vedanta announces Rs19.50 interim dividend

This is the second interim dividend the Anil Agarwal-led company has announced for this fiscal. The board has set 27 July as the record date for the purpose of payment of dividend.

The board approved the second interim dividend through a resolution passed by circulation on Tuesday, the company said, adding that the interim dividend will be paid within stipulated timelines as prescribed by law.

"We wish to inform you that the board of directors of the company through resolution passed by circulation on Tuesday, July 19, 2022 have approved Second Interim Dividend of Rs 19.50 per equity share, ie, 1950 per cent on face value of Re1 per share for the financial year 2022-23, amounting to Rs7,250 crore," Vedanta said in a BSE filing. 

The company had distributed Rs11,710 crore as the first interim dividend of Rs31.5 a share this fiscal. Vedanta had cash and cash equivalents of Rs32,130 crore as of end-March. Its net profit last fiscal was up 58 per cent at Rs23,709 crore. Promoters hold 70 per cent of the shares in the company.

In the past 12 months, Vedanta has declared dividends totaling Rs 76.50 per share, shows Trendlyne data. The last dividend of Rs 31.50 was declared on 6 May.

In its annual report released last week, the company said that it would distribute a minimum 30 per cent of its attributable profit after tax as dividends. "This will be subjected to the board’s evaluation of various factors, such as robustness of cash flows, economic situation, commodity price cycles, natural calamities, etc. for overall optimal cash management," Vedanta had said.

The stock has, however, fallen nearly 46 per cent from its 52-week high of Rs 440.80

The announcement came after market hours. The stock ended 0.5 per cent higher at Rs 238.60 on BSE.