Vedanta declares R6,580-crore dividend

By: | Published: March 31, 2017 12:35 AM

The board of directors of Vedanta on Thursday approved a dividend payout of R6,580 crore for its shareholders, including that of Cairn India which is set to be merged with the former.

The date dividend payment has been decided as April 12, 2017. (Reuters)

The board of directors of Vedanta on Thursday approved a dividend payout of  R6,580 crore for its shareholders, including that of Cairn India which is set to be merged with the former. In a statement, the company announced the second interim dividend of R17.70 per equity share on face value of R1 per share for financial year 2016-17. The date dividend payment has been decided as April 12, 2017.

The payment date for Cairn India’s shareholders, who will become shareholders of Vedanta as all permissions except nod from the Reserve Bank of India are already in place, will be fixed after the merger is effective. Vedanta appointed Larsen and Toubro’s former managing director, K Venkataramanan, on the board.

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The parent Vedanta Resources also reappointed Thomas Albanese extended the executive service agreement as its chief executive officer till August 31, 2017. Albanese’s three-year contract was due to expire on March 31, 2017. Meanwhile the board of Cairn India on Thursday approved the re-appointment of Aman Mehta, Omkar Goswami, Naresh Chandra and Edward T. Story as independent directors with effect from April 1, 2017.

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