Vedanta Ltd is going to issue $1.5 billion dollars to shareholders in order to pay down debts of its parent company, Vedanta Resources Ltd.
In an exchange filling, the company stated that it is going to pay a dividend of Rs 31.50 per share will give them a sense of relief to its parent company which is currently facing ‘a wall of maturity’.
Vedanta to use half the dollars as dividend
The company offered buy back $500 million dollars. It also said that it will be using half of the billion dollar as a dividend. The announcement was made in Singapore.
As per the data of Bloomberg, the company’s bonds matured the most in the last six weeks starting since October.
Mumbai based billionaire, Anil Agarwal said that the company has already paid out $2.2 billion up till the month of march. Ajay Goel who is the chief financial officer said that the company profit is likely to remain high this year.
As the debt will be front loaded, with almost $1 billion coming this fiscal year – said Sunil Duggal who is the Chief Executive officer of Vedanta Ltd.
