A subsidiary of the BSE and NSE listed Vedanta Ltd, HZL is an integrated producer of zinc-lead with a capacity of 1 million tonnes per annum and a leading producer of silver.
Hindustan Zinc Ltd (HZL) on Wednesday announced that it will pay Rs 10,141 crore as dividend, which includes Rs 3,000 crore to the government, to its shareholders for the 2015-16 fiscal, the highest by any private company.
In 2002-03, the government sold its 64.92% stake in HZL to mining baron Anil Agarwal-led Vednata Resources, while retaining 29.54%.
"The actual dividend is Rs 10,141 crore and when dividend tax is included it will go to Rs 12,205 crore. This is the highest ever dividend announced by a private company. From the dividend announced today, Rs 3,000 crore would be paid to the government," HZL CEO Sunil Duggal told PTI.
He informed that the firm's Board has declared a special golden jubilee dividend at the rate of 1200% -- Rs 24 per equity share of Rs 2 each -- for 2015-16 fiscal.
"Since 2002 (disinvestment of HZL), the firm has paid Rs 32,500 crore to the government in terms of royalties, direct and indirect taxes, dividend distribution tax, etc. And if the dividend tax on dividend announced today is included, this contribution would go up to Rs 34,500 crore," Duggal added.
Meanwhile, in a statement, HZL said the special dividend is in addition to the first interim dividend paid (Rs 3.80 per share or 190%) in October 2015 of Rs 1,932 crore, including dividend distribution tax.
HZL Chairman Agnivesh Agarwal said: "HZL has continued to deliver robust performance over the years and during our Golden Jubilee year, we are pleased to reward our shareholders with a special Golden Jubilee dividend of Rs 12,205 crore, including dividend distribution tax."
A subsidiary of the BSE and NSE listed Vedanta Ltd, HZL is an integrated producer of zinc-lead with a capacity of 1 million tonnes per annum and a leading producer of silver.
The Udaipur (Rajasthan)-headquartered firm has zinc-lead mines at Rampura Agucha, Sindesar Khurd, Rajpura Dariba, Zawar and Kayad and primary smelter operations at Chanderiya, Dariba and Debari, all in the state of Rajasthan as well as finished product facilities in Uttarakhand.
It has a resource base with total reserve and resource of 375.1 million tonnes and average zinc-lead reserve grade of 11.5%. HZL has an installed base of 474 MW coal-based captive power plants, besides, a 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 18,000 including contract workforce. Shares of HZL today closed 3.15% up at Rs 175.15 apiece on BSE.
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