Stock Market

Hind Zinc up 14% on special dividend, Vedanta to get Rs 6500cr

Chillicious Team

Hindustan Zinc shares touched a new 52-week high of Rs 199.80, up 14 percent intraday Thursday after announcement of special dividend.

“Board of directors, on March 30, has declared special golden jubilee dividend of Rs 24 per share for financial year 2015-16,” says the company in its filing.

Vedanta will be the major beneficiary, getting more than Rs 6,500 crore as it has 64.92 percent shareholding (representing 274.3 crore equity shares) in the company.

The Government of India will also get nearly Rs 3,000 crore as it hold 29.54 percent stake (124.79 crore equity shares) in the company.

Hindustan Zinc has fixed April 07 as record date for payment of second interim dividend.

At 13:01 hours IST, the scrip of Hindustan Zinc was quoting at Rs 184.00, up Rs 8.85, or 5.05 percent on the BSE.

Posted by Sunil Shankar Matkar