Billionaire Anil Agarwal’s Indian commodities major will pay about $476 million in dividends to investors as a potential credit ratings downgrade looms at its parent Vedanta Resources Ltd.
Vedanta Ltd. approved a dividend of 9.50 rupees a share amounting to 35 billion rupees ($476 million), according to an exchange filing Saturday. The outflow follows $1.2 billion in payouts announced by cash cow unit Hindustan Zinc Ltd. earlier this week.
The payout will also come as a relief for Vedanta’s minority shareholders, after the company didn’t pass on a previous dividend in May by Hindustan Zinc to them.
