The record date to determine the entitlement of the equity shareholders has been fixed on May 30.
The interim dividend will be paid within stipulated timelines as prescribed under law, the company said.
Shares of Vedanta will trade ex-dividend on the day or a day before the record date. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment. An ex-dividend date also dictates which shareholders are eligible to receive the dividend payment.
In the past 12 months, Vedanta has declared an equity dividend of Rs 70 per share, resulting in a dividend yield of massive 24.35%.
The Mumbai-headquartered company had announced a total of five dividends for the fiscal year 2023, taking the total payout for the year to over Rs 101.50 per share.
For the March quarter, the metals and mining major reported a 68% slump in profit amid declining prices of metals.Vedanta’s consolidated net profit stood at Rs 1,881 crore for the quarter ended March, compared with Rs 5,799 crore a year earlier.
Meanwhile, quarterly revenue too was down 5% to Rs 37,225 crore. The share of revenue from the mainstay aluminium business reduced to 33% from 39%.
According to Trendlyne data, the stock has an average target price of Rs 273.50. The consensus estimate represents a downside of -4.87% from the current levels.
Shares of Vedanta have largely underperformed this year, with the stock down about 9%. The fall is in line with the overall muted returns seen in the metals sector.
On Monday, ahead of the dividend announcement, the stock closed nearly 2% higher at Rs 287.50 apiece on NSE.