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Bond Market News
Vedanta Ltd Announces $490mn Dividend; Board Approves $1bn Fundraise
May 17, 2024
Vedanta Ltd. announced a first interim dividend for the current financial year of INR 11/share ($0.13) amounting to about INR 40.9bn ($490mn). Alongside this, its board also approved a fundraise of up to INR 85bn ($1.02bn) that includes the issue of shares and other financial instruments. The promoter Vedanta Resources holds a 62% stake in its Indian subsidiary Vedanta Ltd., and is expected to benefit from dividend payout, albeit with a reduced upstreaming of dividends.
Vedanta’s dollar bonds are trading stable with its 9.25% 2026s at 84.4, yielding 19.3%.
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