Vedanta block deal: 2.2% equity stake sold for Rs 2,255 crore, GQG likely buyer; stock falls

As per exchange details, around 8.2 crore shares or 2,2 percent equity worth Rs 2,255 crore changed hands. Moneycontrol could not independently identify the buyer.

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Shares of Vedanta Resources fell on NSE on February 15, after 8.2 crore shares changed hands in block deals. Earlier, ET Now reported that the promoters were looking to sell stake worth $1 billion in the company to Rajiv Jain’s investment firm GQG Partners. At 9:25 am, the stock was trading down 1 percent at Rs 277.

As per exchange details, around 2.2 percent equity stake worth Rs 2,255 crore in Vedanta Ltd changed hands in block deals. Moneycontrol could not independently identify the buyer.

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The news of the stake sale comes at a time when Vedanta is facing around $6.4 billion in outstanding debt, including a $4.5 billion payment due by fiscal 2025. The promoter and group entities, as of December 2023, held a total of 63.71 percent stake in Vedanta .

Over the last one year, foreign portfolio investor, GQG Partners has increased stakes in other Indian companies, including Adani Ports and GMR Airport Infrastructure..

Also read: SC proposes panel to explore restart of Vedanta’s Tamil Nadu copper smelter plant

On February 14, the Supreme Court said that it could constitute a panel to study the feasibility of restarting the shut Sterlite copper smelting plant which is owned by Vedanta in Tuticorin. Vedanta is the parent company of Sterlite. In 2018, the plant was shut down after protests against the plant had resulted in 13 deaths due to police firing.

In Q3, the Anil Agarwal-led company reported a 40.81 percent decline in consolidated net profit to Rs 2,464 crore while revenue for the quarter was flat at Rs 33,691.

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