Vedanta Ltd. will pay an interim dividend of $570mn to its parent Vedanta Resources in the last quarter of the year. The Indian subsidiary’s total disbursements during the year to March amount to INR 301.12bn ($3.7bn). The group’s net income dropped by 41% to INR 24.6bn ($300mn) during the quarter ended-December. Vedanta Resources has $900mn of bonds due in the first half of 2023, and the dividend is said to be a positive in addressing its maturities. Also, a week ago, Vedanta Ltd. announced plans to sell its international zinc operations for $2.98bn to Hindustan Zinc, that among other reasons was also set to cut down debt for Vedanta Resources.

Its dollar bonds were trading stable with its $400mn 8% bonds due April 2023 at 96.69, yielding 22.78% and its $500mn 7.125% bonds due May 2023 at 95.78, yielding 20.54%

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