Shares of Hindustan Zinc rose 3% on Tuesday after the company’s board approved second interim dividend of Rs 19 lakh.
What happened: Hindustan Zinc said in a filing to the stock exchange that the company’s board of directors has approved the second interim dividend of Rs 19 per share, totalling Rs 8,028.11 crore.
The record date for the dividend is August 28. This means that the investor must own shares of the company on that day to be eligible for the dividend. PTI earlier reported that Hindustan Zinc is likely to declare a dividend of around Rs 8,000 crore to the investors.
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Vedanta on Monday said it had sold its 1.51 percent stake in Hindustan Zinc through an offer for sale (OFS) between August 16 and 19. After the sale, the company now owns 63.42 percent stake in Hindustan Zinc.
Vedanta is expected to receive an interim dividend of around Rs 5,091 crore pursuant to the OFS, in proportion to its shareholding in the company.
In May, Hindustan Zinc announced an interim dividend of Rs 10 per share for its shareholders.
Price promotion: Shares of Hindustan Zinc rose 2.99% to ₹510.50 on Tuesday following the announcement.
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