Shares of Hindustan Zinc rose 3% on Tuesday after the company's board approved the second interim dividend of ₹19.

What Happened: Hindustan Zinc in a filing to the exchanges said its board approved the second interim dividend payment of ₹19 per share, which would total to ₹8,028.11 crore. 

The record date for the dividend will be August 28, meaning that investor need to hold the shares of the company on the date in order to be qualified to get the dividend. PTI reported previously that Hindustan Zinc is likely to announce dividend of around ₹8,000 crore for the investors.

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Vedanta on Monday said that it had divested 1.51% stake in Hindustan Zinc through an offer for sale (OFS) between August 16 and August 19. The company now has 63.42% stake in Hindustan Zinc after the sale. 

Vedanta is likely to get around ₹5,091 crore of interim dividend according to its shareholding in the company after the OFS. 

In May, Hindustan Zinc had announced ₹10 interim dividend for its shareholders. 

Price Action: Shares of Hindustan Zinc were up 2.99% to ₹510.50 on Tuesday after the announcement came out. 

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