Vedanta Limited, a mining company, has declared a first interim dividend of Rs 18.50 per share. The decision was approved at the company's Board of Directors meeting on September 1, according to a regulatory filing.
"The Board of Directors of the Company in its meeting held on Wednesday, September 01, 2021 have approved First Interim Dividend of Rs18.50 per equity share i.e. 1850% on face value of Re. 1/- per share for the Financial Year 2021-22 amounting to Rs 6,877 Crores," the company said in a regulatory filing.
This is the first interim dividend for the fiscal years 2021 and 2022. The dividend will be paid on September 9, 2021, if the record date is met.
Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is a diversified natural resource company with operations in India, South Africa, Namibia, and Australia.
Vedanta Ltd's stock fell 1.63 percent to 297.95 per share on the BSE on Wednesday.
Only one dividend has been declared by the corporation in a recent couple of years. The company declared an interim dividend of Rs 9.50 per share in FY21, while an interim dividend of Rs 3.90 per share was declared in FY20. Only 3.75 percent of trading sessions in the last 16 years had intraday drops of more than 5%. The stock generated 30.9 percent over three years, compared to 44.74 percent for the Nifty 100.
Also, Vedanta has appealed to the Supreme Court a ruling by the Delhi High Court allowing the government to demand a bigger cut of the profits from the company's lucrative Rajasthan field when the production sharing contract was renewed.