Hindustan Zinc Ltd will pay 109.90 bln rupees as interim dividend to its shareholders, the company said in an exchange filing on Tuesday.
It will pay an interim dividend of ₹26 per share, which is 1300% on face value of ₹2 per share, and the record date is March 29.
This will be the company's fourth dividend for 2022-23 (Apr-Mar), and the move is expected to aid Vedanta Ltd, the majority shareholder, in easing off its debt obligations.
Vedanta Resources Ltd Chairman Anil Aggarwal recently stated that the London-based metal company, which is also the ultimate holding company of Vedanta and Hindustan Zinc, is confident in its ability to repay its debt in an effort to allay concerns regarding debt servicing.
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Analysts had anticipated that the business would manage its debt servicing with assistance from its financially robust Indian subsidiaries, like Hindustan Zinc.
Shares of Hindustan Zinc were 3.2% higher at ₹320.60 , while those of Vedanta were 0.5% higher at ₹285.20 on the National Stock Exchange.
