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Vedanta announces second interim dividend for FY23

ANI | Updated: Jul 20, 2022 08:55 IST

New Delhi [India], July 20 (ANI): Mining major Vedanta has announced the second interim dividend of Rs 19.5 per share for its stakeholders for the financial year 2022-23.
A dividend is a reward that listed companies often provide to their shareholders from a portion of their earnings.
The proposed dividend would cost the company amounting to Rs 7,250 crores, it said in a regulatory filing to the stock exchanges on Tuesday evening.
"The record date for the purpose of payment of dividend is Wednesday, July 27, 2022. The interim dividend will be paid within stipulated timelines as prescribed under law," the filing to the exchanges added.
Earlier in April, it had announced its first interim dividend of Rs 31.5 per share, costing the company worth Rs 11,710 crore.
The company has recently announced it will fully acquire the debt-ridden power generation company Athena Chhattisgarh Power in a cash deal worth Rs 564.67 crore.
Athena Chhattisgarh Power is a 1200 megawatt coal-based power plant located at Jhanjgir Champa district in Chhattisgarh. Unit 1 and Unit 2 of the company are 80 per cent and 30 per cent complete, respectively, and have never been operational.
Athena was admitted under the Corporate Insolvency Resolution Process on May 15, 2019, and on May 13, 2021, the NCLT Hyderabad bench had directed the initiation of the liquidation process of the Company.
On July 19, the company's shares closed at Rs 239.9, up 1.03 per cent. So far in 2022, the shares, however, have declined over 30 per cent on a cumulative basis, data showed. (ANI)