Vedanta Resources’ Indian subsidiary Vedanta Ltd. decided to pay out a fifth interim dividend for the concluding financial year. The dividend amounts to INR 76.2bn ($927mn). This would help its parent Vedanta Resources repay its debts due in the near-term besides other obligations given its 69.7% stake in the subsidiary. The parent wants to cut down its $7.7bn in net debt and has been trying to raise ~$3bn by selling an offshore zinc asset to Hindustan Zinc, a key unit of theirs. Hindustan Zinc, where Vedanta Ltd. currently owns 64.9% stake, announced a fourth dividend of INR 110bn ($1.3bn) last week. Vedanta Ltd.’s total payouts for the year including prior dividends will amount to INR 377bn ($4.6bn).
Vedanta’s dollar bonds were trading flat – its 8% bonds due April 2023 are currently at 95.53.
For more details, click here
