
Anil Agarwal’s Vedanta pledges nearly entire stake in Hindustan Zinc
The metal and mining major pledged 13.94 crore shares or 3.3% stake in its subsidiary Hindustan Zinc on May 22 in favour of Axis Trustee Services
The metal and mining major pledged 13.94 crore shares or 3.3% stake in its subsidiary Hindustan Zinc on May 22 in favour of Axis Trustee Services
With the fifth dividend, Vedanta’s total outgo for the current fiscal will be ₹101.5 per share, which amount to ₹37,730 crore, the highest ever by the company.
The Vedanta-backed metal company has declared an equity dividend amounting to ₹49.50 per share in the past 12 months
The market capitalisation of the Anil Agarwal-led company slipped below ₹1 lakh crore marks amid continued fall in Vedanta shares for the last eight sessions.
The demand will be triggered by the consumption of galvanised steel that will be needed for highways and high speed rail projects, says Arun Misra, CEO, Hindustan Zinc.
Vedanta board approves the fourth interim dividend of ₹12.50 per equity share for FY23 amounting to ₹4,647 crore.
The company’s board approved the sale of the Zinc International business held by THL Zinc Ventures Ltd (THLZV), which is a wholly-owned subsidiary of Vedanta.
The Vedanta Group company has declared its second dividend of ₹15.50 a share, or 775%, for FY23, amounting to ₹6,549.24 crore.
The Hindustan Zinc stock rallies 1.43% to ₹283 while touching an intraday high of ₹286.75
The sale of the government’s entire 29.5% stake in Hindustan Zinc would fetch ₹38,062 crore to the exchequer as per the company’s closing price on Wednesday.