A promoter entity of Vedanta Ltd sold 2.6 per cent stake in the company for ₹4,184 crore on Wednesday in an open market transaction.
The deal which was conducted on the BSE saw Finsider International Company Ltd, an affiliate of parent Vedanta Resources, divesting shares of Vedanta Ltd.
According to the bulk deal data available with the BSE, Finsider sold 9.79 crore shares or a 2.63 per cent stake in Vedanta Ltd.
The shares were sold at an average price of ₹427.21 per share, taking the transaction size to nearly ₹4,184.35 crore.
After the stake sale, the combined shareholding of the promoter and promoter group entities of Vedanta has declined to 59.32 per cent from 61.95 per cent. The details of the buyers could not be ascertained.
Earlier, Vedanta Resources had said it will sell a 2.6 per cent stake in the mining conglomerate to trim debt and support its growth plans.
“Finsider International Company Ltd, a subsidiary of Vedanta Resources Ltd (VRL), has accepted a proposal from one of its banks on Tuesday evening to sell 2.6 per cent shareholding in Vedanta Ltd to a group of reputed institutional investors,” a company spokesperson had said.
“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 added.
After the repayments made from the proceeds of this transaction, Vedanta Resources would have reduced its debt by over $650 million so far in this fiscal year.
The 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 shares in a block deal for ₹2,615 crore.
The large deals led to the Vedanta Ltd share ending with losses of 2.63 per cent or ₹11.95 at ₹442.15 in the BSE.
At current prices, the company has a market capitalisation of ₹1.64 lakh crore.
On the NSE, the Vedanta share settled at ₹442, a fall of 2.65 per cent over the previous close.
Over 16.22 crore shares of Vedanta Ltd were transacted on the exchange.
