- Write by:
-
Saturday, February 17, 2024 - 17:16:46
-
123 Visit
-
Print
Vedanta Resources, the parent of Vedanta Ltd, has sold a stake worth more than 17.37 billion rupees ($209 million) in the Indian miner, exchange data showed on Thursday.
Finsider International, part of billionaire Anil Agarwal-led Vedanta Resources, sold more than 65.5 million Vedanta Ltd shares at 265.14 rupees each, the data showed.
That is a 5.2% discount to Vedanta Ltd’s closing price on Wednesday. The stock ended 4.2% lower at 267.95 rupees on Thursday.
UK-based Vedanta Resources held a 63.72% stake in Vedanta Ltd through the six subsidiaries as of Dec. 31, 2023, per stock exchange data.
Vedanta Resources was planning to sell a stake worth $1 billion in Vedanta Ltd to investment firm GQG Partners, television channel ET Now reported on Wednesday.
It was not immediately clear to whom Finsider International sold the shares. Vedanta Ltd and Vedanta Resources did not respond to Reuters‘ requests for comment.
Saddled with $6.4 billion in outstanding debt, including a $4.5 billion payment due by fiscal 2025, Vedanta Resources has been attempting to shore up its finances, including through a recent debt restructuring.
Group chairman Agarwal has made several bids to trim debt, including through Vedanta Ltd. He made an unsuccessful attempt to take the company private in 2020 and his last stated plan was to split the company into six.
Short Link:
https://www.miningnews.ir/En/News/628005
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
The London Metal Exchange is imposing new rules surrounding the movement of metal in its warehousing network, taking aim ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
A Russian arbitration court ruled on Monday that four units of Swiss commodities trader Glencore will pay more than 11.4 ...
Vietnam’s top miner Vinacomin plans to invest 182 trillion dong ($7.3 billion) to ramp up its alumina-aluminum ...
Rare earths prices in top producer China jumped to their highest in more than seven weeks on Monday on a wave of ...
Indonesia’s mining minister on Wednesday said divestment of Vale Canada Ltd and Sumitomo Metal Mining Co. Ltd’s shares ...
Canadian miner Teck Resources has agreed to pay Korea Zinc $165 per metric ton, a three-year low, to turn its zinc ...
Iron ore’s reset to around $100 a ton is indicative of a broader reshaping of China’s commodities markets that favors ...
No comments have been posted yet ...