Hindustan Zinc Ltd
The board of Hindustan Zinc Ltd approved a fourth interim dividend of Rs 26 per equity share for the current fiscal year on Tuesday.
A dividend of Rs 26 per share with a face value of Rs 2 will result in an outlay of Rs 10,986 crore. The dividend payment record date is March 29, 2023.
“The Company’s Board of Directors has approved the fourth interim dividend of Rs 26 per equity share, or 1300% of the face value of Rs 2 per share, for the fiscal year 2022-23, totaling Rs 10985.83 crore. The record date for the payment of the fourth interim dividend is Wednesday, March 29, 2023”, said the company in a stock exchange filing.
Vedanta owns a 64.92% stake in Hindustan Zinc Ltd, an integrated zinc, lead, and silver producer.
Due to valuation issues, the government last month rejected Vedanta Ltd.’s request to sell Hindustan Zinc Ltd. its international zinc business for $2.98 billion.
In order to block the sale of the assets situated in Africa to HZL, in which it owns a 29.54 percent stake, the government has vowed to file a lawsuit.
In January, HZL and THL Zinc Ltd. Mauritius’ parent company, Vedanta Ltd., agreed to a $2.98 billion, 18-month, phased acquisition deal.
Long a cash cow for Agarwal’s Vedanta group, the Rajasthan-based business squeezes out hefty dividends. The most recent proposed transaction is perceived as yet another method of draining HZL of more money.
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