Shares of natural resources major ended more than 4% lower at Rs 267.95 on the NSE. The shares, which had been pledged by its parent entity for funds, were released by its lenders only last week, enabling the sale of these shares.
Finsider International is a part of the promoter group of Vedanta, which collectively held a 63.71% stake in the company. This stake sale is likely to bring in a little over 1,737 crore rupees for the promoters. News reports suggest that GQG Partners has bought stake in the company.
Vedanta Resources, the promoter of India-listed Vedanta, has been struggling with a massive debt obligation for some time now, and had a net debt of more than $12.51 billion as on September-end.
Last year in August, another promoter entity Twin Star Holdings sold a 4.3% stake in the company for around $501 million, which too, was aimed at helping the promoters pare down their debt.
In 2022-23 (Apr-Mar), Vedanta had paid out Rs 101.50 per share in dividend, and has announced 19.50 rupees in dividend so far this year. Apart from this, the company has announced the demerger of its business into six different entities, and said that it is looking to sell its steel and iron ore assets. Earlier this month, Vedanta Resources said that it completed repayments to its bondholders, in line with the consents it received earlier in the year in which maturities of $3.2 billion in bonds were successfully extended to 2029.
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