Vedanta slumps 9% post large deals, promoter Twinstar likely seller

One of the promoter entity of Anil Agarwal-led Vedanta–Twinstar–was said to sell 16 crore shares of the company through block deals on Thursday. Floor price for the transaction, valued at $500 million or Rs 4,130 crore, is said to be at Rs 258.5, implying a 5 percent discount to Wednesday’s closing price.

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Shares of Vedanta slumped 9 percent on August 3 in early trade after large deals took place on the bourses. This is the biggest single-day fall since June 2022 for the metal major’s stock.

Around 16.5 crore shares or 4.5 percent equity worth Rs 4,270 crore changed hands on the bourses.

One of the promoter entities of Anil Agarwal-led Vedanta – Twinstar – was said to sell 16 crore shares of the company through block deals on Thursday. The floor price for the transaction, valued at $500 million or Rs 4,130 crore, is said to be at Rs 258.5, implying a 5 percent discount to Wednesday’s closing price.

At 9:23 am, shares of metal major were trading 4.2 percent lower at Rs 260.7 on the BSE.

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Vedanta promoters are looking to sell a 4.3 percent stake in the company, for the purpose of repaying debt, as per reports. Promoter and Promoter Group owns a 68.11 percent stake in Vedanta, as per the shareholding pattern of the quarter ending June 2023.

Recently the company’s CFO Sonal Shrivastava highlighted that it is committed to trimming debt as its high-quality assets continue to generate a healthy cash flow. Its net debt as of July 24 was $7.2 billion with an average interest rate of 8.7 percent, she added.

This block deal coincides with the impending debt repayment deadline of its promoter, Vedanta Resources, which is scheduled for August 9 this year. The promoter entity needs to repay a coupon amounting to $29.1 million. Notably, on July 18, Vedanta received a substantial dividend payout of Rs 1,920 crore from its subsidiary, Hindustan Zinc, in which the company holds a significant 64.92 percent stake.