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Bond Market News
Vedanta’s Subsidiary To Pay $506mn Interim Dividend
May 8, 2024
Hindustan Zinc Limited (HZL) will pay an interim dividend of INR 10 per share totaling to INR 42.25bn ($506mn), which is said to help its parent Vedanta Resources (VRL) trim its debt burden. During the prior year, Hindustan Zinc distributed INR 55.4bn ($660mn) in dividends across two tranches. Vedanta Resources has been trying to find ways to repay $3bn of its debt over the next three years, through internal payments, including dividends, corporate restructuring, etc.
Vedanta’s 9.25% 2026s traded stable at 84.6 cents on the dollar, yielding 19%.
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