Hindustan Zinc Ltd., one of India’s dividend stocks, issued its fourth interim dividend for the fiscal year (FY) 23 on Tuesday. The state-owned company’s board of directors declared an interim dividend of 26 cents per share for the fiscal year 2022–2023. The corporation has already established a record date for deciding which shareholders are entitled to receive an interim dividend on March 29, 2023. Many of the company’s shareholders will directly benefit from this interim dividend of 26 per share because dividends are paid straight into the shareholders’ bank accounts.
Due to their ownership of Hindustan Zinc, LIC and Vedanta stand to gain significantly from the interim dividend of 26 rupees per share. Vedanta is anticipated to receive approximately $7,132 crore from the interim dividend declared by Hindustan Zinc on Tuesday, whereas Life Insurance Corporation (LIC) is anticipated to receive approximately $296 crore based on the shareholding pattern of Hindustan Zinc for the quarter from October to December 2022.
Vedanta will make $7,132 billion.
According to the shareholding pattern of Hindustan Zinc for the quarter ending in December 2022, Vedanta Limited, a firm promoter, owns 2,74,31,54,310 shares of Hindustan Zinc. Vedanta expects to receive about $7,132 crore ($26 x 2,74,31,54,310) in income from its dividend stock holdings as a result of the PSU company’s announcement of an interim dividend of $26 per share.
LIC will make 296 crore.
According to Hindustan Zinc Limited’s shareholding patterns for the quarter from October to December 2022, LIC’s LICI Ulip Growth Fund owns 11,41,42,717 shares of Hindustan Zinc, or 2.70 percent of the company’s total paid-up capital. Because the firm declared an interim dividend of 26 cents per share, the estimated income for the LIC from this distribution is around 296 crore (26 x 11,41,42,717).
“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,” read the statement from Hindustan Zinc’s board of directors on Tuesday.
Wednesday, March 29, 2023 is the record date for the purpose of paying the fourth interim dividend, as previously announced. The fourth interim dividend will be paid in accordance with the legal deadlines.
