Hindustan Zinc announces fourth interim dividend of Rs 26 per share for FY23 at outgo of Rs 10,986 cr

Hindustan Zinc Ltd board on Tuesday approved fourth interim dividend of Rs 26 per equity share for the current fiscal.

The dividend of Rs 26 for each share of face value Rs 2 will lead to an outgo of Rs 10,986 crore. The record date for the payment of dividend is March 29.

“The Board of Directors of the Company have approved fourth interim dividend of Rs 26 per equity share i.e. 1300% on face value of Rs 2 per share for the Financial Year 2022-23 amounting to Rs 10985.83 crore. The record date for the purpose of payment of fourth interim dividend is Wednesday, March 29, 2023,” said the company in a stock exchange filing.

Vedanta holds a 64.92% equity share of Hindustan Zinc ltd, which is an integrated producer of zinc, lead and silver.

ALSO READ: Vedanta Resources’ Anil Agarwal says there has been no default ever in debt repayment

Last month, the government has opposed Vedanta Ltd’s proposal to sell its international zinc business to Hindustan Zinc Ltd for $2.98 billion over concerns of valuation.

The government has threatened to take legal action to stop the sale of the Africa-based assets to HZL, in which it holds a 29.54 per cent stake.

HZL, in January, agreed to buy THL Zinc Ltd Mauritius from its parent, Vedanta Ltd, for $2.98 billion in phases over 18 months.

The Rajasthan-based company has long been a cash cow for Agarwal’s Vedanta group, squeezing out rich dividends. The latest proposed transaction is being seen as another way of extracting more funds out of HZL.

Comments (0)
Add Comment