Published On: Mon, Apr 11th, 2016

Finance Minister Arun Jaitley Receives Dividend Cheque from Hindustan Zinc

fmNew Delhi: In a ceremony held here today, Mr. Sunil Duggal CEO Hindustan Zinc Limited presented a dividend cheque of Rs 2,995 crore to Finance Minister Shri Arun Jaitley and Hon’ble Steel and Mines Minister Shri Narendra Singh Tomar. The dividend was paid on account of Government of India’s residual stake of 29.54% in HZL (an erstwhile central public sector enterprise).

Secretary (Revenue) Dr. Hasmukh Adhia, Secretary (Mines) Shri Balvinder Kumar, Mr. Tom Albanese, Group CEO, Vedanta, Mr. Tarun Jain, Group Finance Director Vedanta, Mr. Amitabh Gupta, CFO, Hindustan Zinc and other senior officials of Ministries of Finance and Mines were also present on the occasion.

Besides the dividend, Rs. 2064.4 crore is being paid as dividend distribution tax to the Government.

On March 30, the Board of Directors of HZL had declared a special Golden Jubilee dividend of 1200% i.e. Rs 24 on an equity share of Rs 2 each. This dividend will entail an outflow of approximately Rs 12,205 crore, including DDT. This is the largest ever dividend paid by any company in the private sector in Indian history and is the second highest after Coal India.

The special dividend was in addition to the first interim dividend paid (Rs. 3.80 per share or 190%) in October 2015 of Rs 1,932 crore, including DDT.

Speaking on the occasion, Mr. Agnivesh Agarwal, Chairman, Hindustan Zinc said, “At the Golden Jubilee year of the company, we are proud to say that Hindustan Zinc has created enormous value for its shareholders and public at large since its acquisition by Vedanta in 2002 and today, it is one of the largest zinc producing companies in the world. The dividend (including DDT) of Rs 12,205 crore by HZL to its shareholders is the largest dividend in India’s private sector ever. We will continue to demonstrate our commitment towards delivering value for our shareholders.”

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