JOHANNESBURG (miningweekly.com) – LSE-listed Vedanta Resources’ subsidiary Vedanta Limited on Tuesday declared a record interim equity dividend of $1.2-billion.
Vedanta Resources would receive $600-million of this dividend, the company said, sending its shares in London up 2.6% to £7.82 a share.
The board of Vedanta Limited has approved an interim dividend of 21.20 rupees a share, for a payout of 78.81-billion rupees – the highest-ever dividend payout by the company in a financial year.
The board also approved a dividend of 7.5% a year on preference shares, taking the total amount of its dividend payout to both its equity and preference shareholders to 80.91-billion rupees.
Meanwhile, Vedanta said that UK Sinha has been appointed executive director of Mumbai-based Vedanta Limited with effect from Tuesday. Sinha was previously the chairperson of the Securities and Exchange board of India.
“In the current environment, with greater emphasis on disclosure and governance for corporate India, I am glad to contribute to Vedanta Limited achieving greater levels in its corporate governance practices,” Sinha said in a statement.
Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland and Australia.