Home Business The promoter offloads 1.8% stake in Vedanta through open market sales, fetching over Rs 1,700 crore

The promoter offloads 1.8% stake in Vedanta through open market sales, fetching over Rs 1,700 crore

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On Thursday, Finsider International Company, a subsidiary of Vedanta Resources led by billionaire Anil Agarwal, sold a 1.8% stake in Vedanta for ₹1,737 crore through an open market deal. The company sold 6,55,18,600 shares, representing the stake, as per bulk deal data from the BSE website.

The shares were sold at an average price of ₹265.14 each, totaling ₹1,737.16 crore. Following this sale, Finsider International Company’s stake in Vedanta dropped to 2.6% from 4.40%.

Additionally, the overall ownership of all promoter entities in the mining conglomerate decreased to 61.91% from 63.71%. The identity of the buyers remains unknown.

As of December 31, 2023, UK-based Vedanta Resources owned a 63.72% stake in Vedanta Ltd through its six subsidiaries, according to stock exchange records. Vedanta’s shares fell 4.01% to ₹268 each on Thursday’s BSE close.

On February 9, Vedanta Resources Ltd, a metals and mining behemoth, announced it had made a $779 million upfront payment to bondholders, concluding repayments as part of its debt restructuring efforts.

In the quarter ending December (Q3FY24), Vedanta’s net profit dropped by 7% YoY to ₹2,868 crore from ₹3,092 crore. However, compared to the previous quarter (Q2FY24), the profit surged from ₹915 crore.

Last August, Twin Star Holdings, another promoter entity headed by billionaire Anil Agarwal, sold a 4.1% stake in Vedanta for ₹3,983 crore.

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