New Delhi: Days after its bid for delisting failing, the Vedanta board on Saturday approved interim dividend of ₹9.50 per share. Record date for the same is 31 October.
“The Board of Directors of the Company through resolution passed by circulation on Saturday, October 24, 2020 have approved First Interim Dividend of ₹ 9.50 per equity share i.e. 950 % on face value of Re. 1/- per share for the Financial Year 2020-21 amounting to ₹3,500 Crores. The record date for the purpose of payment of dividend is Saturday, October 31, 2020. The interim dividend will be paid within stipulated timelines as prescribed under law,” the company said in a stock exchange filing.
On October 10, Vedanta Ltd announced that its voluntary delisting offer — to acquire the balance shareholding in Mumbai-listed Vedanta Ltd and then delisting it from the stock exchange — had failed at the reverse book building stage.
The total number of shares tendered by Vedanta Ltd’s public shareholders fell 7 per cent short of the mandatory minimum 90 per cent for successful delisting.
Vedanta’s delisting had failed as 125.47 crore shares were validly tendered by public shareholders, which is less than the minimum number of offer shares required to be accepted by the promoters in order for the delisting offer to be successful. The promoters sought to buy out 169.73 crore shares or 47.67% stake held by the public to delist the firm.
Earlier this week, Vedanta Group firm Hindustan Zinc Ltd (HZL) had declared its highest interim dividend in 12 years at ₹21.3 per share. The record date for paying the dividend is October 28. Hindustan Zinc had paid a higher dividend of ₹30 per share in July 2008.
On Friday, the company’s scrip on BSE closed 0.04% higher at ₹104.50.