Shares of mining giant Vedanta rose by 1% to Rs 484.55 on the NSE after the company announced that its board of directors will convene on October 8, 2024, to discuss the declaration of a fourth interim dividend for the financial year 2024-25.

Dividend Meeting and Record Date

“Notice is hereby given that the meeting of the Board of Directors of the company (the ‘Board’) is proposed to be scheduled on Tuesday, October 08, 2024, to consider and approve the Fourth Interim Dividend on equity shares, if any, for the Financial Year 2024-25,” the company said in its filing.

Additionally, the record date for determining the entitlement of equity shareholders to the dividend, if declared, has been set for Wednesday, October 16, 2024. “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 Wednesday, October 16, 2024,” the company noted.

Recent Dividend Payouts

In early September, Vedanta announced its third interim dividend of Rs 20 per share for FY25. This came after the company had already declared two other interim dividends earlier this year—Rs 11 per share and Rs 4 per share, respectively.

The third interim dividend of Rs 20 per share represents the highest payout since April 2023, when the company declared a dividend of Rs 20.5 per share. The current dividend payout is expected to result in a total outgo of Rs 7,821 crore.

Promoter and Stakeholder Updates

As of July 20, Vedanta Resources held a 56.38% stake in Vedanta Ltd. after paring its stake via block deals and institutional share sales. The company reported having 17.4 lakh small shareholders, or those with an authorized share capital of less than Rs 2 lakh, as of the end of the June 2024 quarter.

The promoters of Vedanta, Vedanta Resources, have so far received ₹7,825 crore from the three dividend tranches declared by the company.

Fundraising and Strategy

Under the leadership of Anil Agarwal, Vedanta Ltd. has raised close to ₹20,000 crore through various means, including dividend receipts from its subsidiary Hindustan Zinc, share sales of Hindustan Zinc, and selling its own shares to institutional investors. The latest dividend consideration will further impact the financial positioning of the group as it manages its debt obligations.

With the October 8 meeting, investors will be keen to see whether Vedanta’s fourth interim dividend declaration continues the company’s trend of substantial payouts this fiscal year.