Hindustan Zinc will give a total of 6,500 crores interim dividend, November 24 as the record date for shareholders.
Hindustan Zinc Dividend: The Government of India holds a 29.5% stake in Hindustan Zinc and will receive a total of Rs 1,932.03 crore as an interim dividend.
Hindustan Zinc Limited (Hindustan Zinc), on Wednesday, November 16, announced a second interim dividend of about Rs 6,500 crore to its shareholders. The company gave this information in the information sent to the stock exchanges. Hindustan Zinc said that its board had approved an interim dividend of 775% or Rs 15.50 per share for FY2023. Along with this, a record date has been fixed on November 24. Hindustan Zinc is a subsidiary company of Vedanta Group.
Vedanta Ltd holds a 64.92% stake in Hindustan Zinc. Thus, out of the total interim dividend of Rs 6,549.24, Vedanta is expected to get around Rs 4,251.77 crore. However, it still needs to be determined whether this amount will be passed on to the shareholders of Vedanta.
Will the Government of India get 1,932.03 crores as dividends?
Apart from Vedanta, the Government of India also holds a 29.5% stake in Hindustan Zinc and will receive a total of Rs 1,932.03 crore as an interim dividend.
As of September 2022, Vedanta has a consolidated debt of about Rs 59,020 crore. On the other hand, Hindustan Zinc has a standalone obligation of Rs 2,127 crore.
Will Vedanta announce a special dividend?
Meanwhile, Vedanta did not declare any dividend after the September quarter results. However, if analysts are to be believed, the company may announce a special dividend soon. About 70 percent of the amount given as dividends will go to the account of Vedanta Resources, the holding company of the promoters.
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Hindustan Zinc shares rallied 15.05% in a month.
Shares of Hindustan Zinc today closed at Rs 319.15 on the NSE, up 1.54%. The company’s shares have gained about 15.05% in the last month. However, since the beginning of this year, its shares have declined by 0.14%.
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