Vedanta's Promoter Company Sells 1.7% Stake For Rs 1,737 Crore
The mining firm and its parent company is saddled with debt worth $14 billion.
Finsider International Co., a promoter company of Vedanta Ltd., has offloaded a 1.76% stake for approximately Rs 1,737.2 crore via an open market transaction.
Finsider sold 6.55 crore shares at Rs 265.14 apiece, according to data from the BSE. As of December, it had a 4.4% stake in the mining company.
Earlier during the day, Bloomberg reported that 11.9 crore shares of Vedanta changed hands in multiple large trades throughout the day. About 3.2% of equity changed hands in the price range of Rs 283.8 to Rs 268.4 apiece.
According to media reports, the Anil Agarwal-owned company's promoters are in talks with GQG Partners to pare stakes for $1 billion.
The mining firm and its parent company are saddled with debt worth $14 billion. Recently, Chairperson Anil Agarwal tried to assuage concerns over Vedanta's debt burden by posting a message on social media. He said the company has a comfortable financial situation and has never defaulted on payments. Vedanta's parent, Vedanta Resources Ltd., recently announced that it had completed the repayments to bondholders on Feb. 7.
Shares of Vedanta closed 4.18% lower at Rs 267.95 apiece on the NSE, as compared with a 0.32% advance in the benchmark Nifty 50.
