Vedanta board to meet on Monday to approve first interim dividend of FY24

19 May 2023 , 07:56 AM

Late on Wednesday night, Vedanta Ltd (VDL) informed the stock exchanges that its board will meet on Monday to discuss and approve the company’s first interim dividend for FY24. This could help the parent company’s London-based operations pay off looming debt commitments.

The 30th of May has been designated as the dividend’s record date.

The company’s shares dropped 0.27% on Thursday to close at 278.6 on the BSE, while the benchmark Sensex fell 0.21% as a whole.

According to a recent CRISIL report, the parent company of VDL, Vedanta Resources (VRL), has around $3 billion in debt maturities in FY24, of which $1.7 billion is due in the quarter from April to June.

A record capital outlay of Rs 37,730 crore was made by VDL as dividends in FY23, mostly to assist parent VRL. Analysts have issued a warning that the high dividend outflows last fiscal year to support VRL may cause VDL and its subsidiary Hindustan Zinc’s leverage to increase.

For feedback and suggestions, write to us at [e-mail]