India's Hindustan ZINC on Wednesday declared a dividend for the second time this fiscal, amounting to 25.35 billion rupees ($304.28 million), of which the major benefactor will be cash-strapped Vedanta (VADN.NS), holding a 64.9% stake.
The dividend of six rupees per share is below the seven rupees that the company had announced in July and lower than 26 rupees in March as well as 13 rupees in January.
The announcement comes at a time when Vedanta's UK-based parent, Vedanta Resources, is battling a host of rating downgrades, triggered by worries over outstanding dues, including $4.2 billion that the company has to pay by fiscal 2025.
The dividend of six rupees per share is below the seven rupees that the company had announced in July and lower than 26 rupees in March as well as 13 rupees in January.
The announcement comes at a time when Vedanta's UK-based parent, Vedanta Resources, is battling a host of rating downgrades, triggered by worries over outstanding dues, including $4.2 billion that the company has to pay by fiscal 2025.