Vedanta gains as board approves interim dividend

Vedanta rose 1.10% to Rs 105.95 after the company's board approved an interim dividend of Rs 9.50 per equity share for the financial year 2020-21 amounting to Rs 3,500 crore.

At the current market price, it translates to a dividend yield of 8.97%. The record date for the purpose of payment of dividend is 31 October 2020, the company said in a BSE filing made on Saturday.

Earlier this month, Vedanta's voluntary delisting bid failed after it could not get the minimum number of bids required from its minority shareholders to take it private. The promoters sought to buy out 169.73 crore shares or 47.67% stake held by the public to delist the firm.

On a consolidated basis, Vedanta's net profit declined 21.7% to Rs 1,522 crore on 25.9% decrease in net sales to Rs 15,687 crore in Q1 June 2020 over Q1 June 2019.

Vedanta, a subsidiary of VRL, is one of the world's leading diversified natural resource companies with business operations in India, South Africa, Namibia and Australia.

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