Vedanta board approves third interim dividend for FY22

On Wednesday, Vedanta shares were higher by 1.60% to close at ₹386.40 apiece on NSE.

The interim dividend will be 1300% on face value of ₹1 per share for the financial year 2021-22 (FY22).

The payment of the said dividend will cost the metals giant approximately ₹4,832 crore. 

“In continuation to our Letter No. VEDL/Sec./SE/21-22/156 dated February 23, 2022 and pursuant to Regulation 30 of Listing Regulations, we wish to inform you that the Board of Directors of the Company through resolution passed by circulation on Wednesday, March 2, 2022 have approved Third Interim Dividend of ₹ 13 per equity share i.e. 1300% on face value of Re. 1/- per share for the Financial Year 2021-22 amounting to ₹ 4,832 crore,” the company said in a filing.

The record date for the purpose of determining the eligibility of shareholders for the said dividend, if declared, is fixed as 10 March.

Earlier, Billionaire Anil Agarwal-led Vedanta scrapped the rejig plan including demerger or spin off and said it will continue with its existing structure.

Further, the company has announced a capital allocation policy that is along the lines of a consistent, disciplined, and balanced allocation of capital with long term Balance Sheet management.

The capital allocation outlay across three large streams will be as under capital expenditure, dividend policy and inorganic growth.

Vedanta said, minimum 30% of attributable profit after tax (before exceptional items) of company (excluding profits of HZL) will be distributed as dividend.