Hindustan Zinc dividend record date today; company's shares in the red

Hindustan Zinc dividend: In FY23 so far, the company has announced a dividend worth Rs 75.5 per share, and out of this, Rs 49.5 per share have already been received by the shareholders

The shares of Hindustan Zinc Limited (HZL) were trading ex-dividend on Wednesday. Earlier this month, on March 16, the company announced its fourth interim dividend of Rs 26 per share. The record date was fixed as March 29 by the board. The total dividend payout for the fourth dividend amounted to Rs 10,985.8 crore.

Hindustan Zinc dividend: Rs 75.5 announced so far this year

In 2022-23 (FY23), the company has announced a dividend worth Rs 75.5 per share. Out of this, Rs 49.5 per share have already been received by the shareholders. Hindustan Zinc issued three interim dividends of Rs 21, Rs 15.5, and Rs 13 per share in July, November, and January, respectively.

On March 16, another dividend of Rs 26 was announced.

With its fourth dividend announcement, Hindustan Zinc will pay the highest-ever dividend of Rs 32,000 crore in FY23. Notably, the company is India's largest integrated producer of Zinc, Lead, and Silver.

Hindustan Zinc: Centre's big disinvestment plans

Hindustan Zinc was formerly a public sector undertaking (PSU), but currently, the majority stake in the firm is held by the Anil Agarwal-led Vedanta group. The Centre currently holds a 29.54 per cent stake in the company. In 2002, it sold 20 per cent of the company to Vedanta group. The group has a 64.92 per cent stake in the company.

The Centre has been trying to sell its entire stake in the company but has been unable to do so in FY23. Through the stake sale, it aimed to achieve its Rs 50,000 crore disinvestment target for FY23. But in a recent report, it said that the decision would be taken after Vedanta's decision to sell a part of its stake in Hindustan Zinc to raise money.

Hindustan Zinc share price

As of 11:55 am on Wednesday, the company's shares were trading over 1 per cent in the red on the National Stock Exchange (NSE) at Rs 299.3 apiece. On BSE, the share price was down 1.12 per cent, trading at Rs 299.4 per share.