Vedanta Ltd. has approved a dividend of INR 13/share ($0.17), amounting to INR 48.3bn ($638mn), its third dividend in the financial year. This brings its total 2021 dividend to around $2.2bn for the full year, ending March 2022. Vedanta last announced a dividend of INR 50bn ($662mn) in December 2021. Prior to that, it declared a dividend of INR 69bn ($910mn) in September 2021. The dividends by Vedanta are said to be helpful in providing near-term liquidity support to ultimate parent Vedanta Resources Ltd (VRL), with the latter having a large $1bn redemption on its 6.375% bond due July 30.
Vedanta’s 6.375% July 2022s are down 1.9% this week, currently at 96.5 cents on the dollar, yielding 15.6%.
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