Vedanta approves first interim dividend for FY21 days after failed delisting offer

By: |
October 24, 2020 9:44 PM

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

Vedanta, Vedanta dividend, Vedanta interim dividend, Bombay Stock Exchange, BSE, Vedanta sharesShareholders were waiting for the dividend announcement from Vedanta after the company's delisting process failed this month.

Vedanta Ltd on Saturday said its board has approved the first interim dividend 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 delisting 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 interim dividend 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,” Vedanta Ltd said in a filing to BSE.

The record date for the purpose of payment of dividend is October 31, the filing said. The interim dividend will be paid within stipulated timelines as prescribed under law, it added. Shareholders were waiting for the dividend announcement from Vedanta after the company’s delisting process failed this month. Vedanta Ltd’s delisting 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.

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