6.78% Dividend Yield: Vedanta Fixes Record Date For 2nd Interim Dividend For FY25

The company has announced the record date for its second interim dividend for FY25, consequently, the shares of blue-chip stock Vedanta will be the centre of attention in the upcoming sessions.

"Pursuant to Regulation 29 of Listing Regulations, Notice is hereby given that the meeting of the Board of Directors of the Company (the "Board") is proposed to be scheduled on Friday, July 26, 2024, to consider and approve the Second Interim Dividend on equity shares, if any, for the Financial Year 2024-25. Please note that the record date for the purpose of determining the entitlement of the equity shareholders for the said dividend, if declared, is being fixed as Saturday, August 03, 2024," said Vedanta in a stock exchange filing on Tuesday.

"Further, pursuant to the provisions of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 and Insider Trading Prohibition Code of the Company, the Trading Window shall continue to remain closed for dealing in securities of the Company for all Designated Persons till the expiry of 48 hours after the declaration of unaudited financial results of the Company for the First Quarter ended June 30, 2024," Vedanta further informed to the stock exchanges.

An equity dividend of 2950.00%, or Rs 29.5 per share at a face value of Rs 1, has been issued by Vedanta for the financial year ending March 2024. A dividend yield of 6.78% is achieved at the current share price of Rs 434.95. With five years of consecutive dividend declarations under its belt, the firm has a solid dividend track record. Trendlyne's data indicates that from July 23, 2001, Vedanta Ltd. has issued 42 dividends.

Recently on 21st July, Vedanta said in a regulatory filing that it has been declared as 'Preferred Bidder' for the Gollarahatti-Mallenahalli Nickel Chromium and PGE Block (on highest Final Price Offer of 15.00%) and Genjana Nickel, Chromium and PGE Block (on highest Final Price Offer of 6.05%) by the Ministry of Mines, Government of India vide its 'Notice Inviting Tender' dated February 29, 2024 (for Tranche II of auction) and March 14, 2024 (for Tranche III of auction) for the grant of composite licenses in respect of Gollarahatti-Mallenahalli Nickel Chromium and PGE Block in the State of Karnataka and Genjana Nickel, Chromium and PGE Block in the State of Bihar.

In accordance with the tender document, the Gollarahatti-Mallenahalli Nickel Chromium and PGE Block has a total size of 1238.122 hectares and is at the G4 level of exploration, whilst the Genjana Nickel, Chromium and PGE Block has a total area of 788.85 hectares and is at the G3 level of exploration.

In accordance with the SEBI ICDR Regulations, the Board of Directors recently approved on July 20, 2024, the issue and allotment of 19,31,81,818 equity shares to qualified and eligible institutional buyers at an issue price of Rs 440 per equity share (plus a premium of Rs 439 per equity share). This includes a discount of Rs 21.26 per equity share (4.61% of the floor price) against the floor price of Rs 461.26 per equity share, totalling Rs 84,99,99,99,920 as a result of the issued shares. The Issue opened on July 15, 2024 and closed on July 19, 2024.

On Friday, the shares of Vedanta closed 3.10% lower at Rs 434.95 apiece with a market cap of Rs 1,61,680 Cr. The BSE 100 stock touched a 52-week-high of Rs 506.85 on (22/05/2024) and a 52-week-low of Rs 207.85 on (28/09/2023).