Vedanta Resources Sells $209 Million Stake in Vedanta Ltd
Vedanta Resources, the parent company of Vedanta, has divested a stake valued at over 17.37 billion rupees ($209 million) in the Indian mining giant, according to exchange data released this week.
Finsider International, a subsidiary of Vedanta Resources led by billionaire Anil Agarwal, sold more than 65.5 million shares of Vedanta at 265.14 rupees each, representing a 5.2% discount to Vedanta Ltd’s closing price on Wednesday. Vedanta Ltd’s stock closed 4.2% lower at 267.95 rupees on Thursday.
As of December 31, 2023, UK-based Vedanta Resources held a 63.72% stake in Vedanta Ltd through six subsidiaries.
Reports surfaced that Vedanta Resources was planning to sell a $1 billion stake in Vedanta Ltd to investment firm GQG Partners, although the buyer of Finsider International’s shares remains unclear. Neither Vedanta Ltd nor Vedanta Resources responded to Reuters’ requests for comment.
Struggling with significant debt amounting to $6.4 billion, Vedanta Resources has been actively seeking ways to bolster its finances, including recent debt restructuring efforts.
Group chairman Anil Agarwal has pursued various strategies to reduce debt, including unsuccessful attempts to privatize the company in 2020 and plans to split the company into six entities.
