Vedanta Shares Climb After Second Interim Dividend Announcement

Shares of mining major Vedanta witnessed a sharp rise in prices on Wednesday after the company announced a second interim dividend for the financial year 2022-23.

As of 10.29 am, the share price was at Rs 250.60 per share, up by 4.96 per cent.

Vedanta announced the second interim dividend of Rs 19.5 per share for its stakeholders for the financial year 2022-23 on Tuesday.

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 the 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.