Rs. 27,157 Crore dividend pay-out in 2016-17, highest ever in a financial year in Indian corporate history
India CSR News Network
MUMBAI: In its meeting held today to consider a second interim dividend, the Board of Directors has declared a special one-time interim dividend of 1375% i.e. Rs. 27.50 on every equity share of Rs. 2, entailing an outflow of Rs. 13,985 Crore including dividend distribution tax (DDT). The record date for the dividend will be March 30, 2017.
Together with the Golden Jubilee dividend paid in April 2016 and the interim dividend paid in October 2016, the aggregate dividend being paid by Hindustan Zinc during this financial year will be Rs. 27,157 Crore including DDT, which is the largest dividend outflow by any company in India in a single financial year. Of this, Rs. 11,259 Crore will go to the Government.
Agnivesh Agarwal, Chairman, said, “We are pleased to reward our shareholders with a special dividend, which reflects the Company’s confidence in its continued robust performance and demonstrates our commitment towards delivering value for our shareholders. Since disinvestment by the Government in 2002, the cumulative dividends paid by the Company, including the current special dividend, is Rs. 37,517 Crore including dividend distribution tax.”
Hindustan Zinc (NSE & BSE: HINDZINC) is the one of the largest integrated producers of zinc-lead with a capacity of 1.0 million MT per annum and a leading producer of silver. The Company is headquartered in Udaipur, Rajasthan in India and has zinc-lead mines at Rampura Agucha, Sindesar Khurd, Rajpura Dariba, Zawar and Kayad; primary smelter operations at Chanderiya, Dariba and Debari, all in the state of Rajasthan; and finished product facilities in the state of Uttarakhand.
Hindustan Zinc has a world-class resource base with total reserve & resource of 389.9 million MT and average zinc-lead reserve grade of 11.7%. The Company has a track record of consistently growing its R&R base since 2003 and currently has a mine life of over 25 years.
The Company is self-sufficient in power with an installed base of 474 MW coal-based captive power plants. Additionally, it has green power capacity of 309 MW including 274 MW of wind power and 35 MW of waste heat power. The Company has an operating workforce of over 17,000 including contract workforce.
Hindustan Zinc is a subsidiary of the BSE and NSE listed Vedanta Limited (formerly known as Sesa Sterlite Limited; ADRs listed on the NYSE), a part of London listed Vedanta Resources plc, a global diversified natural resources company.
