The board of directors of Vedanta has approved an interim dividend of ₹21.20 per equity share for 2017-18. The record date for the payment of dividend is March 21, 2018.

The total payout is ₹7,881 crore, being the highest ever dividend paid by the company in a financial year. This represents a dividend yield of 7.20 per cent based on the company’s average share price year-to-date.

Further, the board has also approved a dividend of 7.5 per cent per annum for 2017-18 on preference shares of ₹3,010 crore issued last April pursuant to the scheme of arrangement between the shareholders and creditors of Vedanta and Cairn India. The record date for divdend payment to preference shareholders is March 21.

The total amount of dividend payout on both equity and preference shareholders is Rs 8,091 crore. Shares of the company was up 1.75 per cent at Rs 322.50 at 12.43 pm.

Vedanta's new independent director 

PTI   reported that the metals and mining giant Vedanta has appointed former SEBI chairman UK Sinha as an independent director on the company’s Board.  “The appointment of U K Sinha as an additional non-executive independent director on the Board for a fixed term from March 13, 2018 till August 10, 2021 (on recommendation of nomination and renumeration committee) to hold office till the ensuing AGM of the company,” Vedanta said in a filing to BSE.

 Sinha, who served as chairman of Securities and Exchange Board of India (SEBI) from February 2011 to March 1, 2017, has been instrumental in bringing about key capital market reforms, the company said in a statement. Prior to SEBI, he was chairman and MD of UTI Asset Management Company and has also worked for Department of Economic Affairs, Ministry of Finance. Sinha said, “In the current environment, with greater emphasis on disclosure and governance for corporate India, I am glad to contribute to Vedanta achieving greater levels in its corporate governance practices.”

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