Vedanta Rises 3% as Board Considers Second Interim Dividend for FY24

14 Dec 2023 , 02:07 PM

Vedanta’s shares rise by 3% on December 14, a day after announcing the consideration and approval of a second interim dividend for FY24 on December 18. The company declared its first interim dividend of Rs 18.50 per share in May.

Vedanta’s dividend outgo has substantially increased, reaching Rs 37,572 crore in FY23, compared to Rs 16,689 crore in FY22 and Rs 3,519 crore in FY21.

Concerns arise about potential delays in refinancing Vedanta Resources’ (VRL) upcoming debt maturities, possibly extending beyond anticipated schedules.

VRL recently secured $1.25 billion from private credit lenders for debt refinancing and a new credit facility, aiming to create a sustainable capital structure.

Vedanta Ltd, listed in India, is predominantly owned by promoters holding a 63.71% stake, with the stock falling nearly 20% this year, underperforming the Sensex’s 15% rise during the same period.

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