As much as 4.6 percent equity stake in Vedanta Ltd was sold for Rs 7,485 crore in block deals on June 26, with a promoter entity being the likely seller, reported CNBC TV18 citing unidentified sources. The block deal saw 17.43 crore shares change hands.
The stake sale in Vedanta Ltd comes days after group Chairman Anil Agarwal said that the promoters wouldn't dilute any more equity in the company. In another instance, parent firm Vedanta Resources denied a report to sell shareholding.
Vedanta Ltd stock fell in the morning trade, and was at Rs 439.5, down 3.2 percent from the previous close.
Also read: Vedanta Resources plans to trim debt by $3 billion over three years
At the end of March, Vedanta's promoters held 61.95 percent equity stake in the company. Since December 2022, the promoter stake in Vedanta has fallen from just about 70 percent.
"We have (~62 percent) of holding of the company and we are comfortable. Any investment banker comes and gives me some idea, we will work on it. (But) at this point of time, there is nothing on the cards to take our holding down below 61.5 percent," Vedanta group Chairman Anil Agarwal had said in an interview to CNBC TV18 last week.
Parent entity Vedanta Resources is looking to reduce its debt by $3 billion over next three years. The debt on Vedanta Resources' books stands at $6 billion as of FY24. This is after the resources giant has pared the debt by $3.7 billion over the previous two years.
Vedanta Resources' debt burden has been weighing on analyst ratings on the stock.
In the TV interview, Anil Agarwal also expressed confidence in the company's ability to manage its debt. "I think we are very comfortable to address the debt. We have a good cash flow and good dividend that should take care of all the debt payment of Vedanta Resources," he added.
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