The move comes days after a report said Chairman Anil
Agarwal was weighing selling less than 5% stake in Vedanta. The
company called the report "untrue and baseless".
The dividend payments would lead to an outflow of around
76.21 billion rupees ($927.81 million), the company said in an
exchange filing.
The company also said acting Chief Financial Officer Ajay
Goel would resign effective April 9 to pursue other
opportunities.
Vedanta had previously declared interim dividends per share
of 31.50 rupees, 19.50 rupees, 17.50 rupees and 12.50 rupees
this fiscal year.
Earlier this month, ratings agency Moody's downgraded
Vedanta's London-based parent, warning that ongoing debt related
issues expose Vedanta Resources "to material refinancing risks
and exacerbate likelihood of a payment default or a distressed
exchange."
There have been no defaults on debts from the group,
Agarwal, Indian billionaire and founder of Vedanta Resources,
said at the India Today Conclave earlier this month.
Shares of Vedanta gained 2.2% so far this month, but have
lost about 10% year-to-date.
($1 = 82.1400 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru)
BENGALURU, March 28 (Reuters) - Vedanta Ltd on
Tuesday declared a fifth interim dividend for the fiscal year
ending March 31 even as the company's parent, Vedanta Resources,
scrambles to secure fresh loans and refinance existing debt.
The Indian natural resources company declared interim
dividend of 20.50 rupees per share.
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