Vedanta Ltd.’s shareholders in a vote, approved of the company’s proposal to shift INR 125.9bn ($1.6bn) from its accumulated general reserves which are likely to be used for special dividend payments. It received the approval of more than 99.96% of the votes. The company said that over the years, it had built up significant reserves through the transfer of profits to the reserves. Vedanta added that that with healthy business practices, its growth trajectory will continue and its operations will keep generating incremental cash flow over the coming years.
Vedanta’s Resources’ dollar bonds were trading up with its 6.125% 2024s up over 0.95 points to 66.5 cents to the dollar.
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