Billionaire Anil Agarwal’s India-listed company paid about $2.2bn to shareholders in the year ended March
A man walks past the logo of Vedanta outside its headquarters in Mumbai, India on January 31 2018. Picture: REUTERS/DANISH SIDDIQUI
Vedanta will pay a dividend of 31.50 rupees a share to investors, it said in an exchange filing on Thursday. That will provide some relief to its parent Vedanta Resources, which faces a wall of maturities, beginning with a $1bn note due in July. The parent firm’s dollar bonds rose the most in six weeks Friday, with the notes maturing in July hitting the highest level since October, according to Bloomberg-compiled data.
“If the past is an indication, looking at the profitability, one may expect that dividend will remain high,” Ajay Goel, acting CFO, said in a post-earnings call. It will help the parent cut debt by $4bn over the next three years, he said.
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