Vedanta's promoter creates pledge on entire equity, shares fall over 2%

A CNBC-TV18 report on December 29 said Vedanta's promoter created a pledge on the entire 55.11 percent equity.

December 29, 2020 / 12:33 PM IST
Representative image | Source: Unsplash

Representative image | Source: Unsplash

 
 
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Vedanta shares fell more than 2 percent in intraday trade on BSE on December 29 after reports emerged that the company's promoter created a pledge on entire equity.

A CNBC-TV18 report on December 29 said Vedanta's promoter created a pledge on the entire 55.11 percent equity.

News agency PTI, on December 24, reported that the London-based Vedanta Resources Ltd (VRL) raised its stake in its India listed unit Vedanta to 55.11 percent by buying from open market shares worth Rs 2,959 crore. VRL bought 18.5 crore shares at a price of Rs 159.94 per share, the company said in a statement on its website.

It made the purchase through block deals. The purchase in the open market helped the firm raise its stake in Vedanta Ltd to 55.11 percent from 50.13 percent.

The move came weeks after the firm's failed attempt to delist Vedanta Ltd from Indian stock exchanges. The delisting failed due to an insufficient number of shares being offered in the buyback proposal of VRL.

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Shares of Vedanta traded 2.29 percent down at Rs 160 on BSE at 1220 hours.
Moneycontrol News
first published: Dec 29, 2020 12:33 pm

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