Vedanta Ltd.’s board declared its first interim dividend for the financial year 2023-24 of INR 18.5/share ($0.22) totaling ~$800mn. Vedanta Ltd. declared five interim dividends in the financial year 2022-23 totaling ~$4.6bn. The news is a positive for the parent company Vedanta Resources that holds an over 68% stake in its Indian subsidiary. The parent company has been relying on money from its units including Vedanta Ltd. and Hindustan Zinc to meet debt payments and reduce its debt burden.
Vedanta’s dollar bonds were trading slightly higher with its 13.875% 2024s up 0.9 points to 86.17.
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