The board of Vedanta Ltd on Monday approved a second interim dividend of Rs 11 per share for the current fiscal year that will result in an outgo of Rs 4,089 crore.

Vedanta said in a regulatory filing that the record date for the payment of dividends is December 27.

It had paid the first interim dividend of Rs 18.50 per share in May, amounting to Rs 6,877 crore. In the previous fiscal, the company had declared five dividends.

The promoters hold close to 64 per cent in Vedanta, and the latest payout will see them receive around Rs 2,605 crore.

The shares of the company on Monday closed at Rs 260.60 on the BSE, a gain of 1.34 per cent.

Vedanta Ltd had cash and cash equivalents of Rs 16,702 crore at the end of the second quarter of the fiscal.

Gross debt stood at Rs 74,473 crore compared with Rs 73,484 crore in the preceding three months.

In late September, Vedanta announced a mega demerger plan that will see it split into six listed entities.

Shareholders will get one share of the five newly listed companies for every share held by them.

Vedanta Resources Ltd, the UK-headquartered parent company of the group, had last week said it has secured a $1.25-billion loan from private credit lenders to refinance or repay part of a $3.2 billion debt maturing in 2024 and 2025.

But that did not stop global rating agency S&P Global from downgrading the company.

S&P downgraded the company’s debt instruments to ‘CC’ from ‘CCC’ on potential bond extensions. CC indicates a `highly vulnerable’ status.

The rating agency said the successful completion of a liability management exercise initiated by Vedanta Resources Ltd to extend the maturities of three of its US dollar-denominated bonds will constitute a ``distressed exchange’’ under its criteria.