Indian miner Vedanta's parent may sell $1 bln worth shares to GQG - ET Now (updated)

GQG Partners

14/02/2024 14:56

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       BENGALURU, Feb 14 (Reuters) - Vedanta Resources, the
parent of Indian miner Vedanta Ltd  VDAN.NS , may sell about $1
billion worth shares in the company to investment firm GQG
Partners via block deals, television channel ET Now reported on
Wednesday citing sources.
    Vedanta did not immediately respond to a Reuters request 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 Anil Agarwal has made several bids to trim
debt, including an unsuccessful attempt to take the company
private in 2020 and plans to split Vedanta into six companies.
    GQG Partners had raised its stake in billionaire Gautam
Adani-owned Adani Ports and Special Economic Zone  APSE.NS  in
August last year.

 (Reporting by Sethuraman NR in Bengaluru; Editing by Savio
D'Souza and Shilpi Majumdar)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))