Vedanta Promoter Sells 2.6% Stake for Rs 4,184 Crore

New Delhi, Jun 26 (PTI) Vedanta Resources on Wednesday divested a 2.6 per cent stake in its Indian mining arm, Vedanta Ltd, for Rs 4,184 crore through an open market transaction.

Finsider International Company Ltd, an affiliate of Vedanta Resources, offloaded shares of Vedanta Ltd through a bulk deal on the BSE. Finsider is one of the promoter entities of Vedanta Ltd.

According to the bulk deal data available with the BSE, Finsider International Company sold 9,79,45,940 shares or 2.63 per cent stake in Vedanta Ltd.

The shares were disposed of at an average price of Rs 427.21 apiece, taking the transaction size to Rs 4,184.35 crore.

After the stake sale, the combined shareholding of promoter and promoter group entities of Vedanta has declined to 59.32 per cent from 61.95 per cent.

Details of the buyers of Vedanta's shares could not be ascertained.

Earlier, Vedanta Resources said it would sell a 2.6 per cent stake in its Mumbai-listed mining conglomerate to cut debt and support growth plans.

"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 beginning of the current fiscal year in April.

Promoter stake in Vedanta Ltd has declined 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 (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.