Vedanta stock jumps after mining firm announces 1100% second interim dividend
In post market hours on Monday (December 18, 2023), Vedanta announced the second interim dividend of Rs 11 per equity share, or 1100 per cent, on the face value of Rs 1 per equity. The mining firm on Tuesday approved raising up to 3,40,000 NCDs.
Vedanta Share Price: Vedanta shares were rising in the morning session on BSE on Tuesday (December 19, 2023) after the company announced the second interim dividend of 1100 per cent.
The Vedanta stock was higher by 0.69 per cent, or Rs 1.80, at Rs 262.40 at 12:34 pm on Tuesday. The mining firm on Tuesday also approved raising up to 3,40,000 NCDs.
Vedanta Dividend
In post market hours on Monday (December 18, 2023), Vedanta announced a second interim dividend of Rs 11 per equity share, or 1100 per cent, on the face value of Rs 1 per equity.
"We wish to inform you that the Board of Directors of the Company, in its meeting held today i.e., on Monday, December 18, 2023, has approved the Second Interim Dividend of ₹ 11/- per equity share i.e. 1100% on face value of ₹ 1/- per equity share for the Financial Year 2023-24 amounting to c. ₹ 4,089 Crores," said Vedanta in a statement on Monday.
Vedanta Dividend Record Date
The record date for the second interim dividend payment is December 27.
Vedanta to raise NCDs
The mining company on Tuesday also informed bourses that it would raise, on a private placement basis, "up to 3,40,000 nos. secured, unrated, unlisted, redeemable, non-convertible debentures (“NCDs”) of the face value Rs 1,00,000/- each aggregating up to Rs 3,400 crores in one or more tranche(s)."
Vedanta Share Performance
The share of the company has been struggling for the last one year. Though it has shown a jump of over 9 per cent in the last one month, it has slipped by 6.52 per cent in the last six months and 17.05 per cent year to date.
On the other hand, the benchmark Nifty 50 has soared by 8.87 per cent in the one month, 14.32 per cent in the six months, and 17.83 per cent year to date.
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