“We wish to inform you that the board of directors of the company through resolution passed by circulation on Tuesday, July 19, 2022 have approved Second Interim Dividend of Rs 19.50 per equity share ie 1950% per cent on face value of Re 1/- per share for the financial year 2022-23 amounting to Rs 7,250 crore,” Vedanta said in a BSE filing.
The Anil Agarwal-promoted company said the record date for the purpose of payment of dividend is July 27.
The announcement came after market hours. The stock ended 0.5 per cent higher at Rs 238.60 on BSE.
In the past 12 months, Vedanta has declared dividends totalling Rs 76.50 per share, showing Trendlyne data. The last dividend of Rs 31.50 was declared on May 6.
The stock has, however, fallen nearly 46 per cent from its 52-week high of Rs 440.80. The consensus recommendation on Vedanta, out of 15 analysts with a coverage on the stock, is a buy. The average target price of Rs 400.90 signals an upside potential of over 70 per cent.
In its annual report released last week, the company had said that it will distribute a minimum 30 per cent of its attributable profit after tax as dividends. “This will be subjected to the board’s evaluation of various factors, such as robustness of cash flows, economic situation, commodity price cycles, natural calamities, etc. for overall optimal cash management,” Vedanta had said.