Vedanta Announcing Bumper Dividends Sends Investors Rushing To Buy

The Anil Agarwal-led Vedanta which has been facing the heat at the bourses over its debt troubles announced a fifth interim dividend for the current financial year.

What Happened: The company on Tuesday announced that its board has approved a ₹20.50/share dividend for FY23. The record date for the dividend payment is April 7. “The interim dividend will be paid within the stipulated timelines as prescribed under law,” the mining giant added in a regulatory filing. The total cost of the dividend payment would be ₹7,621 crore. The company has announced a total dividend of ₹101.50 in FY23.

See Also: Adani Group Stocks Slump: Doubts Over ₹20,500-Cr Debt Repayment Gathering Steam?

The company also announced the resignation of its acting chief financial officer Ajay Goel. Goel is said to be resigning to “pursue a career outside of the Group.” He will continue on the post till April 9. “The Company will announce the details of the successor in due course”, the mining company said in a regulatory filing.

The group has been under scrutiny for its debt troubles for the past few months. Shares of the company have slumped over 12% since the start of this year.

Price Action: Vedanta shares were 1.48% to trade at ₹278.25 shortly after the markets opened on Wednesday.

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Posted In: DividendsMoversTrading IdeasAnil AgarwalVedanta Resources