According to BSE’s bulk trades data, Finsider International Company sold 6.55 crore shares, or 1.76 percent, of the mining giant Vedanta Limited. This was one of several buyers and sellers involved in an 8.2 crore share deal.
The buyers’ names were kept confidential by the exchange.
At an average price of Rs 265.14 per share, the deal was completed. That indicates that Finsider International Company sold the share for Rs 1,737 crore. The company is a member of the promoter group, which as of December’s end held 4.40 percent of the company’s equity.
According to media reports, Rajiv Jain’s investment firm GQG Partners was interested in purchasing a $1 billion share in the company from the promoters.
Vedanta is currently in the midst of a $6.4 billion debt load, of which $4.5 billion is due by the company’s fiscal year 2025. This is the reason for the stake sale.
The Supreme Court announced on February 14 that it might form a panel to investigate the viability of reopening Vedanta’s closed Sterlite copper smelting facility in Tuticorin. Sterlite’s parent firm is called Vedanta.
The Anil Agarwal-led company reported unchanged sales of Rs 33,691 for the third quarter, but a 40.81 percent fall in consolidated net profit to Rs 2,464 crore.
