Vedanta Sells 2.6% Stake in Mining Arm to Slash Debt

Vedanta Resources sold a 2.6% stake in its Indian mining arm, Vedanta Ltd, for Rs 4,184 crore through an open market transaction. The move is part of a strategy to cut debt and support growth plans. The promoter group’s shareholding in Vedanta Ltd has now declined to 59.32%.

In a strategic move to reduce debt, Vedanta Resources divested a 2.6% stake in its Indian mining arm, Vedanta Ltd, for Rs 4,184 crore through an open market transaction on Wednesday.

Finsider International Company Ltd, an affiliate and promoter entity of Vedanta Resources, facilitated the sale via a bulk deal on the BSE. The bulk deal data revealed that 9,79,45,940 shares were sold at an average price of Rs 427.21 each, cumulating to the transaction value of Rs 4,184.35 crore.

Post-transaction, the combined promoter group's stake in Vedanta Ltd. has reduced to 59.32% from the earlier 61.95%. The sale aligns with Vedanta Resources' commitment to deleverage its balance sheet and support its strategic growth initiatives.

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