Hindustan Zinc Ltd has declared the fourth interim dividend for the financial year 2023. The Board of Directors of the Company approved the proposal for payment of interim dividend at its meeting to be held on March 21, 2023. March 29, 2023 has been fixed as the date for payment of interim dividend to eligible shareholders.
LIC and Vedanta will be paid the most, as these two companies have the largest stake in the company. Explain that the company's board of directors declared an interim dividend of Rs 26 per share for the financial year 2022-23. In the last three interim dividends, Rs 49.50 per share was paid and 15.50 per cent dividend was declared.
Vedanta will get the highest dividend
As per the shareholding pattern of Hindustan Zinc for the December 2022 quarter, the highest interim dividend is to be paid to Vedanta Ltd. Vedanta is also the company promoter. Vedanta has a holding of 2,74,31,54,310 shares. Thus, at a price of Rs 26 per share, Vedanta will get approximately Rs 7,132 crore from the holding of interim dividend shares.
LIC second largest shareholder
LIC is the second big company which will get the maximum share of the interim dividend. As on December 2022 quarter, LIC's LICI ULIP Growth Fund held 11,41,42,717 shares of Hindustan Zinc, which is 2.70 per cent of the total paid-up capital of the company. In this way, LIC will be given an interim dividend of about Rs 296 crore.
For information, let us tell you that the total dividend declared by Hindustan Zinc for the financial year 2023 is about $ 3.9 billion (around Rs 32,000 crore) with cash outflow. After the fourth dividend, the company will turn over net debt to net cash. He currently has 'Sell' rating on the stock with a target price of Rs 260.
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