https://www.miningweekly.com
Mining|Resources
Mining|Resources
mining|resources

Vedanta extends record dividend spree with $83m bonanza

23rd May 2023

By: Bloomberg

  

Font size: - +

Vedanta will award a dividend of 68.8-billion rupee ($830-million), the first payout in the fiscal year to March 2024 after five rounds of generous payments last year.

Anil Agarwal’s Indian miner will pay an interim dividend of 18.50 rupees per share, according to an exchange filing dated May 22. The Mumbai-based company’s move follows last year’s record payout of $4.6-billion, which helped its debt-laden parent Vedanta Resources Ltd.

These dividends are key for Agarwal as his holding company has a $500-million bond due at the end of this month and a much larger pile of debt maturing in 2024. The Indian mining conglomerate is also in talks with banks to raise at least $500-million, according to people familiar with the matter.

Vedanta Resources slashed gross debt by $1-billion to $6.8-billion in April, and paid off a further $800 million in loans this month.

Shares of Vedanta Ltd. rose about 2% at close in Mumbai on Monday before the dividend was announced.

Edited by Bloomberg

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.175 0.215s - 89pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: