Vedanta Resources Sells 2.6% Stake in Indian Unit

New Delhi, Jun 26 (PTI) Vedanta Resources will sell a 2.6 per cent stake in its Mumbai-listed mining conglomerate to cut debt and support growth plans, the firm said on Wednesday.

Vedanta Resources will sell the stake through its unit Finsider International, which held a 2.63 per cent stake in Vedanta Ltd.

"Finsider International Company Ltd, a subsidiary of Vedanta Resources Ltd (VRL), has accepted a proposal from one of its banks yesterday evening to sell 2.6 per cent shareholding in Vedanta Limited to a group of reputed Institutional investors," a company spokesperson said.

Post the repayments made from money garnered from this transaction, Vedanta Resources would have reduced its debt by over USD 650 million since the start of the current fiscal year in April.

Stock exchange data showed 18.5 crore shares of Vedanta Ltd changing hands in a block deal.

The number of shares that changed hands in the block deal amount may be worth Rs 7,967.8 crore at Rs 440 per share price.

Promoter stake in Vedanta Ltd has dropped from 69.68 per cent in December 2022 to 61.95 per cent in March 2024. In February, promoters had sold some stake in a block deal for Rs 2,615 crore.

"This (the current stake sale) is in line with the Group's commitment to significantly deleverage its balance sheet at both the India and the VRL level and in line with the broader initiative to support its strategic growth plans," the spokesperson said. "Post repayments made from the transaction, VRL would have reduced its debt by upwards of USD 650 million since the beginning of FY 2025.