Indian billionaire Anil Agarwal has denied any intention of selling his stake in Vedanta. This comes after several media outlets suggested that Agarwal was considering various options, including selling a minority stake in the company, to reduce his business empire's significant debt load.
The media reports had stated that Agarwal is examining the possibility of divesting a stake of less than 5% in the Mumbai-listed company.
During Thursday's early trading session, Vedanta's shares dropped by up to 6% on the BSE.
Last week, Vedanta Resources repaid $250 million in loans that the company took from Barclays Bank and Standard Chartered Bank.
The company had earlier said it has enough means to meet debt repayment liabilities in the coming quarters as it looked to assuage investor concerns around its financial position. VRL, the majority owner of Mumbai-listed mining and oil & gas company Vedanta Ltd, repaid USD 150 million borrowed from Barclays Bank.
According to an exchange filing made in February, Vedanta has reduced its net debt by $2 billion in the current financial year and plans to continue reducing its debt load over the next two financial years, from a starting point of $7.7 billion.