Billionaire Anil Agarwal-owned Vedanta has announced an interim dividend of Rs 17.70 an equity share for the financial year 2016-17. The record date has been fixed as April 12.
Similar dividend will also be paid to investors of Cairn India which is in process of being merged with Vedanta. The record date for dividend payment to Cairn India investors will be finalised after the merger is completed, said the company in a statement on Thursday.
The total amount of dividend payout including that to Cairn shareholders is Rs 6,580 crore.
Earlier, this month Anil Agarwal-owned family trust Volcan Investments announced plans to invest $2.4 billion (about Rs 16,250 crore) in British mining giant Anglo American plc. Volcan Investments does not own stake either in Vedanta or Cairn India.
Both Vedanta and Cairn India announced plans to merger last June with the promoters’ intention to consolidate their holding in India under Vedanta.
The merger will also give Vedanta an opportunity to trim its debt by accessing Cairn India’s cash reserves of Rs 46,918 crore (as of March, 2016).
New appointments
The board of directors of Vedanta also approved the appointment of K Venkataramanan, former Managing Director of L&T as an Independent non-executive director for three years with effect from April 1.
Venkataramanan was on L&T Board from May, 1999 until his retirement in September, 2015.
With four decades of experience at Larsen & Toubro, he has spearheaded the company’s foray in the world of E&C (engineering and construction), strengthened every aspect of EPC (engineering procurement and construction) value chain and transformed L&T to one of the respected names in the global arena, said Vedanta.
Venkataramanan’s induction will help broaden the diversity of the Vedanta Board, and add considerable expertise particularly in the areas of hydrocarbons and large scale project management, it added.
The Board also decided to seek shareholders approval for re-appointment of Thomas Albanese as Whole-Time Director and Chief Executive Officer till August 31.
The company decided to relieve Anuradha Dutt, Non-Executive Independent Director from the Board on March 31 due to other commitments.