Vedanta Ltd, a subsidiary Vedanta Resources Ltd, is one of the world’s leading oil and gas and Metals Company with operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa and Namibia.

On April 28, Vedanta Ltd announced that its board of directors approved an interim dividend of USD 1.56 billion (Rs 11,710 crore), of which USD 1.02 billion will be received by its holding company Vedanta Resources Limited . VRL owns 69.7 per cent of Vedanta Ltd.

The metals to oil conglomerate reported a 60.8% slid in quarterly profit for the quarter ended September on cooling global commodity prices and a surge in fuel and power expenses.

Its consolidated net profit fell to RS 1,808 crore from Rs 4,615 crore a year earlier. Revenue was up 20% year on year to Rs36,237 crore as compared to Rs 23,171 crore, but declined 5.3% sequentially.

“The board of directors of the company through resolution passed by circulation on Tuesday, November 22, 2022 have approved third interim dividend of Rs 17.50 per equity share i.e. 1750 percent on face value of Re 1 per share for the financial Year 2022-23 amounting to Rs 6,505 crore,” Vedanta said in a filing to BSE.

Mining giant had earlier approved first interim dividend of Rs 31.5 and second interim dividend of Rs 19.50 per equity share. On Monday, company announced the third interim dividend of Rs 17.50 per equity share for the current financial year, amounting to Rs 6,505 crore.

The record date for the purpose of payment of dividend is Nov. 30, the company said, adding the interim dividend will be paid within stipulated timelines as prescribed under law. A dividend means the distribution of surplus from the profits by a listed company to its shareholders.

Moody’s Investors Service had earlier said a large dividend from its cash-rich India operating arm has boosted billionaire Anil Agarwal led Vedanta Resources Ltd’s efforts to refinance debt.

Company is now focusing on completing the expansion of Electrosteel Ltd to three million tonnes from 1.5 Million tonnes.