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Hindustan Zinc Shares Surge 8% On Dividend Announcement
On Wednesday, shares of Hindustan Zinc gained as much as 8.36 percent to an intraday high of Rs 195, its biggest jump in the last 7 weeks. The surge comes after the company's board approved a dividend for shareholders and its parent company announced the delisting of Vedanta Ltd.
The mining company's board on Tuesday approved an interim dividend of Rs 16.50 per equity share, which is 825 percent on the face value of Rs 2 per share for the financial year 2019-20 amounting to Rs 6,972 crore.
Meanwhile, its promoter Vedanta Resources Plc said that it wants to voluntary delist the Vedanta Ltd to simplify the corporate structure. However, Hindustan Zinc Limited will continue to be listed in India, it clarified.
"Delisting of Vedanta will provide company with enhanced operational and financial flexibility in capital intensive business," Vedanta Resources said. It will offer Rs 87.5 per share to nearly 49 percent public shareholders of Vedanta Ltd.
"Due to the impact of coronavirus, we have accelerated our strategy to ensure support for meaningful deleveraging," it said. Shares of Vedanta Ltd have fallen more than 40 percent this year.
