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Bond Market News
Vedanta Considering Fourth Interim Dividend
December 12, 2024
Vedanta Ltd. has announced a board meeting on December 16 to consider a fourth interim dividend. This meeting was originally scheduled for October but was postponed. In the current financial year, Vedanta has already declared three interim dividends: INR 20 ($0.24), INR 11 ($0.13), and INR 4 ($0.05) per share, totaling ₹35 ($0.41) per share for FY2025. The record date for the fourth interim dividend is set for 24 December 2024. The payout will help its indebted parent Vedanta Resources to improve its financial position due to dividend upstreaming. Vedanta Resources has been relying on dividend payments from its subsidiaries and potential stake sales to improve its liquidity. The company also raised $2bn in bonds in September and November, and redeemed its 2027s and 2028s, improving its capital structure. Vedanta Resources was earlier upgraded to B2 by Moody’s, citing improving liquidity and access to capital markets. Vedanta’s stock rose by 2.7% Wednesday, and has gained 99% YTD, marking its best performance since 2021.
Vedanta’s bonds have rallied over the last 2 weeks with its 11.25% 2031s gaining by 6 points to 106.5 cents on the dollar, yielding 9.9%.
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