Helped by the soaring commodity prices, metals and mining group Vedanta Ltd on Wednesday said its board has approved a third interim dividend of Rs 13 per equity share on the face value of Re 1 per share for 2021-2022, amounting to Rs 4,832 crore.

“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 Rs 13 per equity share i.e. 1300% on face value of Re. 1/- per share for the Financial Year 2021-22 amounting to Rs 4,832 crore,” the filing said.

In a regulatory filing, the company said the record date for the purpose of payment of dividends is Thursday, March 10, 2022.

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The interim dividend will be paid within stipulated timelines as prescribed under the law, the company said in a filing to the BSE.

In January, the firm had paid out 1,350 percent dividend. This was on top of Rs 18.50 a share payout as the first interim dividend in September last year.

The payout will help the company’s London-based promoter Vedanta Resources, which holds a 69.68 percent stake in the firm.

This year, Vedanta had earmarked $15 billion for its foray into the electronic chip and display manufacturing space and plans to scale up the investment to as much as $20 billion (about Rs 1.5 lakh crore).

It expects to roll out display units, for use in mobile phones and electronics devices, by 2024 and electronic chips from Indian manufacturing plants by 2025, Vedanta Group’s global managing director of Display and Semiconductor Business Akarsh Hebbar said.

“Semiconductor is a long-term business. We are looking at about $10 billion on display. Right now we are looking at $7 billion in semiconductors that may also go up by another $3 billion to further extend it. First 10 years, we have engaged to invest up to $15 billion. We will evaluate further investment at a later stage,” Hebbar said.

(Edited by : Jomy Jos Pullokaran)

First Published:  IST


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