Vedanta board to meet next week to consider fifth interim dividend for FY23

Anil Agarwal-led Vedanta Ltd on Thursday said its board will next week consider and approve the fifth interim dividend for FY'23.

The announcement comes days after Vedanta Resources which is a majority shareholder of Vedanta Ltd stating that it has enough means to meet debt repayment liabilities in the coming quarters as it looked to assuage investor concerns around its financial position.

"The meeting of the board of directors of the company (the board) is proposed to be scheduled on Tuesday, March 28, 2023, to consider and approve the Fifth Interim Dividend on equity shares, if any, for the Financial Year 2022-23," the company said in a regulatory filing.

In a statement, Vedanta Resources had said it is in the advanced stage of finalisation to tie-up USD 1.75 billion through a combination of syndicate loan and bilateral bank facilities.

Vedanta Resources had said it had pre-paid all of its debt that was due for repayment till March 2023, deleveraging by USD 2 billion in the past 11 months.

Further, it is confident of meeting its liquidity requirements for the quarter ending June 2023.

Vedanta Resources had recently said that it has fully repaid USD 250 million in loans it had taken from Barclays Bank and Standard Chartered Bank.