Huge dividend declared by this company WHY ?

Vedanta declared their 3rd dividend for this year of Rs 17.5 per share, record date is 30th November 2022.

Now we will see why they are declaring a lot of dividends ? though they didn't make any spectacular revenues or profits.

Vendata resources, which is the parent company of vendanta Ltd India ( holds nearly 70% of vedanta Ltd India) had stuck into a lot of debt.

As we all know the current interest rate of debt is very high( FED increased interest rate to control inflation), Vedanta resources the parent company can't able to manage their debt. So they planned to infuse amount from their reserves rich subsidiaries - Vendata Ltd which owns partially Hindustan zinc. 

When vedanta Ltd India declares dividend the main beneficiary is their parent company Vedanta resources as they own 70 %. The main reason is to reduce their parent debt.

Finally Shall we buy this stock now for the dividend?

My suggestion is No because now dividends are taxed upfront. Don't buy only because they are declaring good dividends.

This is my personal opinion. Not an investment advice.