Vedanta concluded their board meeting to consider and approve the second interim dividend for FY25, on Friday afternoon.
What Happened: The company has decided to pay a dividend of ₹4 per equity share amounting to approximately ₹1,564 crore, it said in a press release. The record date for the dividend payout is August 03, 2024.
Shares of the Anil Agarwal-led company jumped by nearly 4% after the announcement. Earlier today, stocks were up more than 3% ahead of the board meeting.
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On Thursday, S&P Global upgraded its parent company Vedanta Resources‘ rating to ‘B-‘ From ‘CCC+' on the back of improving capital structure and liquidity.
The ratings agency was upbeat about Vedanta Resources' ability to meet $1.4 billion (₹11,721 crore) in debt maturities due by December 2025. It estimates Vedanta Resources' debt level to shrink by another $1 billion (₹8,372 crore) to about $4.5 billion (₹37,676 crore) in the next 12 months.
Last month, Vedanta Resources sold a 2.63% stake in its Indian arm Vedanta to raise ₹4,184 crore.
Price Action: Shares of Vedanta were up 3.76% at ₹447.10 on Friday afternoon.
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