Vedanta Limited, which had on Thursday, reported a 5 per cent fall in its consolidated profit after tax (PAT) at Rs 7,261 crore for the March quarter due to higher expenses, has approved the first interim dividend of Rs 31.5 per equity share for 2022-23 amounting to Rs 11,710 crore.
The company's board of directors approved the dividend, it said in a filing.
Vedanta's shares were trading slightly low at Rs 410.15 per share at 2.17 pm on the NSE, down by 0.3 per cent.
“Vedanta has consistent track record of rewarding its shareholders with strong dividend payout. Last year we paid Rs 45 per share amounting to Rs 16,728 crore which translates into 14 per cent dividend yield one of the highest among peers in 2021-22 and had a record total shareholder's return. This (interim dividend) is line with our robust performance on profitability and cash flows. This will also help the Vedanta group in deleveraging, in line with latest capital allocation policy,” the company had said in the filing on Thursday.
Vedanta Resources separately announced a tender offer to buy back $500 million of its dollar notes due in July. The company announced this in an exchange notice in Singapore.
It further informed that it will use about half the $1 billion it receives as dividend from the Indian unit.
RECOMMENDED FOR YOU
POPULAR