Hindustan Zinc has announced ₹26 per share interim dividend to its eligible shareholders
One of the dividend stocks in India, Hindustan Zinc Ltd announced fourth interim dividend in FY23 on Tuesday. The board of directors of the state-owned company declared ₹26 per share interim dividend for the financial year 2022-23. The company has already fixed record date for finalising the eligible shareholder for interim dividend payment on 29th March 2023. From this ₹26 per share interim dividend, a big number of its shareholders are going to benefit directly as dividends are directly transferred into the bank account of company's shareholders.
As LIC, Vedanta too have stake in Hindustan Zinc, these two companies are expected earn whopping amount from this ₹26 per share interim dividend. As per ther shareholding pattern of Hindustan Zinc for October to December 2022 quarter, Vedanta is expected to earn around ₹7,132 crore whereas Life Insurance Corporation (LIC) is expected to earn near ₹296 crore from the interim dividend announced by Hindustan Zinc on Tuesday.
Vedanta to earn ₹7,132 crore
As per the shareholding pattern of Hindustan Zinc for December 2022 quarter, Vedanta Ltd, which is a promoter of the company owns 2,74,31,54,310 Hindustan Zinc shares. As the PSU company announced ₹26 per share interim dividend, expected income of Vedanta from the dividend stocks' holdings via interim dividend comes around ₹7,132 crore ( ₹26 x 2,74,31,54,310).
LIC to earn ₹296 crore
According to shareholding pattern of Hindustan Zinc Limited for October to December 2022 quarter, LIC's LICI Ulip Growth Fund owns 11,41,42,717 Hindustan Zinc shares, which is 2.70 per cent of total paid up capital of the company. As the company has announced ₹26 per share interim dividend, expected income of the LIC from this interim dividend comes around ₹296 crore ( ₹26 x 11,41,42,717).
On Tuesday, the board of directors of Hindustan Zinc declared fourth interim dividend in FY23 for its shareholders citing, "In continuation to our letter dated March 16, 2023 and pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, (“Listing Regulations") read with Part A of Schedule III, we wish to inform you that the Board of Directors of the Company in its meeting held on March 21, 2023 have approved Fourth interim dividend of Rs. 26/- per equity share i.e. 1300 % on face value of Rs. 2/- per share for the Financial Year 2022-23 amounting to Rs. 10985.83 Crores."
The record date for the purpose of payment of fourth interim dividend, as already communicated is Wednesday, March 29, 2023. The fourth interim dividend will be paid within stipulated timelines as prescribed under law.
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