Hindustan Zinc to turn ex-dividend for fourth time this year

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Hindustan Zinc to turn ex-dividend for fourth time this year

The shares of Hindustan Zinc will turn ex-dividend on Thursday for the fourth time in FY 23. The company has announced a total dividend of 75.50 per share in the financial year in FY 23 and has been a consistent dividend payer in the past. What are five things you should know about the dividend of Hindustan Zinc.

The fourth interim dividend of Hindustan Zinc was announced by the company, which has a value of Rs 10,986 crore. This was in addition to the Rs 13 per share dividend that the metals mining giant announced in January, Rs 15.50 per share dividend it paid in November and Rs 21 interim dividend it went for in July last year.

Vedanta held a 64.92 per cent stake in Hindustan Zinc as of December 31. The dividends announced by the world's second largest integrated zinc producer and sixth-largest silver producer worldwide would help promoter Vedanta get Rs 7,132 crore in dividends on 2,74, 31,54, 310 shares it owned in Hindustan Zinc as of December quarter-end.

The dividend would be paid to shareholders whose names would appear on the company's register of members or in the records of the depositories as beneficial owners of shares, as on Wednesday, March 29. The dividend will be paid to eligible shareholders on April 20.

The total dividend of Rs 18 per share was announced by Hindustan Zinc, amounting to Rs 7,606 crore in FY 22. In FY 21, it paid Rs 21.30 per share dividend, totalling Rs 9,000. In FY 20 it paid 16.50 per share in total dividend and Rs 20 per share in total dividend in FY 19 and Rs 8 per share in total dividend in FY 18.

Data available with the corporate database AceEquity shows that Hindustan Zinc's dividend yield was 6.1 per cent in FY 21 and 5.2 per cent in FY 22. Its dividend yield was 5.62 per cent at Tuesday's closing price of Rs 328.70.