Days after failed delisting, Vedanta board okays interim dividend for FY21

Ltd on Saturday said its board has approved the first of Rs 9.50 per equity share for the current fiscal amounting to Rs 3,500 crore.

The announcement has come days after the failed offer of the metal to mining conglomerate.

“The board of directors of the company through resolution passed by circulation on Saturday, October 24, 2020, have approved first of Rs 9.50 per equity share i.e. 950 per cent on face value of Re 1 per share for the Financial Year 2020-21 amounting to Rs 3,500 crore,” Ltd said in a filing to BSE.

The record date for the purpose of payment of dividend is October 31, the filing said.

The will be paid within stipulated timelines as prescribed under law, it added.

Shareholders were waiting for the dividend announcement from after the company’s process failed this month.

Vedanta Ltd’s went from almost-a-success to failure on account of a large quantity of unconfirmed orders.

In a regulatory filing, Vedanta had said its buyback offer is deemed to have failed as per the terms of the delisting regulations after promoter Vedanta Resources did not receive the required number of shares to delist the firm.

A large number of unconfirmed bids and some technical glitches in the tender process are likely to have contributed to the failure.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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