On Sensex, Vedanta gained by over 5% before ending at Rs101.25 per piece up 2.02%. The stock surged to the day's high of Rs104.35 per piece.
As per the regulatory filing, Hindustan Zinc received the board of directors approval for an interim dividend of Rs21.30 per equity share i.e. 1,065% on the face value of Rs2 each for the financial year FY21 amounting to Rs9,000cr.
Hindustan Zinc fixed October 28, 2020, as the record date for the purpose of determining the eligibility for payment of interim dividend.
According to the regulatory filing, Vedanta holds 2,74,31,54,310 equity shares in Hindustan Zinc, representing 64.92% stake.
Taken into consideration the Vedanta shareholding and the floor price of Rs21.30 per share for interim dividend, then Hindustan Zinc is set to pay whopping Rs5,843cr to Vedanta.