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Bond Market News
Vedanta to Receive Over $600mn from Hindustan Zinc’s Special Dividends
August 16, 2024
Vedanta Ltd. is set to receive nearly $610mn from the special dividend of its group holding Hindustan Zinc, after the latter announced an INR 80bn ($953mn) dividend payout this fiscal year. Vedanta Ltd. holds a 65% stake in Hindustan Zinc and the dividends may help the parent reduce its overall debt. Hindustan Zinc’s special dividend will be in addition to the regular dividends that it typically distributes of ~INR 60bn ($715mn) annually. Besides, Vedanta is already in the process of selling a 3.31% stake in Hindustan Zinc via the OFS mechanism for $954mn.
Vedanta’s 9.25% 2026s were trading 0.4 points higher at 98.76, yielding 10.06%.
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