Vedanta was trading flat at Rs 255 (adjusted to dividend) on the National Stock Exchange (NSE) and BSE after the mining stock turned ex-dividend for Rs 17.70 per share today. On Monday, the stock closed at Rs 272 on both the exchanges.
“The board of directors of the company at their meeting held on March 30, 2017 had approved the second interim dividend of Rs 17.70 per equity share i.e. 1770 % on face value of Re 1/- per share for the Financial Year 2016-17. The record date for the purpose of payment of dividend is Wednesday, April 12, 2017,” Vedanta said in a regulatory filing.
Further, the board had also approved dividend of Rs 17.70 per equity share to shareholders of Cairn India, who will become shareholders of the company pursuant to the scheme of arrangement between Vedanta and Cairn India (Scheme).
The dividend would be paid to the Cairn India shareholders as on a Record date to be fixed after the scheme becomes effective.
The total amount of dividend payout including that to Cairn shareholders is Rs 6,580 crore, it added.
Thus far in the calendar year 2017, Vedanta (up 26%) and Cairn India (up 24%) had outperformed the market by gaining more than 20% as compared to 11% rise in the S&P BSE Sensex till Monday.