MUMBAI : Promoters of mining and assets main Vedanta Ltd offloaded 1.76% stake within the firm for ₹1,737 crore on Thursday by way of a bulk deal on BSE, information present.
The stake was bought by Finsider Worldwide Co. Ltd, a promoter entity, for a weighted common value of ₹265.14 per share. This interprets to a reduction of 5% over Wednesday’s closing value.
Vedanta shares closed 4% decrease on BSE on Thursday at ₹268 apiece.
The exchanges didn’t disclose the client within the bulk offers. Queried concerning the id of the client, a Vedanta spokesperson mentioned the corporate doesn’t touch upon market hypothesis. Queries on the aim of the stake sale remained unanswered.
The stake sale comes a month after Vedanta’s London-based holding firm, Vedanta Assets, restructured its excellent bonds to delay its instant debt burden.
The corporate made a partial upfront fee after which delayed by 29-52 months the maturity of three of its excellent bond sequence—these maturing in January 2024, August 2024 and March 2025—with a principal quantity of round $3.2 billion.
To make the upfront fee, the corporate borrowed $1.25 billion from a clutch of lenders.
With the debt restructuring, Vedanta Assets has no debt maturities earlier than April 2026, making the aim of the stake sale unclear.
Individuals aware of the corporate’s plans have earlier said in private and non-private discussions the reluctance of the promoters to pare shareholding.
As of December finish, promoters held 63.71% stake within the firm. It’s anticipated to have dipped to beneath 62% now.
This was the third stake sale by Vedanta promoters in lower than a yr. Final yr, promoters of Vedanta Ltd trimmed their stake within the firm by 1.58% in March and by 4.4% in August.
The promoters had held as a lot as 69.69% on the finish of December 2022.
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Printed: 15 Feb 2024, 08:55 PM IST
