Mining company Vedanta Limited may announce a dividend to its shareholders on Saturday, for which the Vedanta board will have an important meeting on Saturday.
Vedanta Ltd, the mining company of businessman Anil Agarwal, may announce a dividend to its shareholders on Saturday. For this, an important meeting of Vedanta board will be held on Saturday, in which the company will consider giving the dividend. The record date for the first interim dividend for FY 2020-21 has been set to 31 October. That is, shareholders will get dividend till 31 October 2020. After this news, Vedanta stocks have seen a 5% gain in the stock market today. At 1.45 pm, the company’s shares were trading 4.75% up at Rs 106 per share on the NSE. On the BSE, the A share of the company was up 4.70% at Rs 105.95.
Also Read: Hemisphere Properties shares listed at Rs 106
Let us tell you that Vedanta Resources Ltd. (Vedanta Resources Ltd.- VRL), the parent company of Vedanta, is listed on the Singapore Stock Exchange and has a debt of more than $ 6.7 billion or Rs 40,000 crore. After Vedanta’s delisting offer failed, Anil Aggarwal now wants to raise funds from his other subsidiaries in India to repay this debt. In view of this, we want to repay the debt of VRL from the revenue from dividend and surplus cash of inter-corporate loans.
Hindustan Zinc has declared profit
In the same week, Hindustan Zinc, owned by Vedanta Ltd, announced a dividend of Rs 21.30 per share to its investors after the September quarter results were announced, amounting to around Rs 9000 crore. Vedanta got most of the dividend in it, as Vedanta owner Anil Agarwal holds 65 per cent in Hindustan Zinc. Vedanta promoter Anil Agarwal holds 274.31 crore shares in Hindustan Zinc, valued at Rs 5,843 crore as of September 30.
Vedanta’s ratings may be downgraded
On Tuesday, the ratings agency S&P Global and Moody’s put it in review for downgrade to downgrade Vedanta’s rating. This can make it difficult for the company to raise funds again and the company is still in great need of money. Earlier in August, Moody’s had said that if Vedanta becomes a private company, it would have to pay a debt of at least $ 2 billion. But on Tuesday, Moody’s said, the funding risk in Vedanta has increased now and the company will have to pay $ 2.9 billion in debt between April 2020 and March 2022. In addition, he will also have to pay an interest of $ 470 million annually.
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