Indian miner Vedanta's parent sells $209 mln stake

GQG Partners

15/02/2024 13:58

BENGALURU, Feb 15 (Reuters) - Vedanta Resources, the
parent of Vedanta Ltd  VDAN.NS , has sold a stake worth more
than 17.37 billion rupees ($209 million) in the Indian miner,
exchange data showed on Thursday.
    Finsider International, part of billionaire Anil Agarwal-led
Vedanta Resources, sold more than 65.5 million Vedanta Ltd
shares at 265.14 rupees each, the data showed.
    That is a 5.2% discount to Vedanta Ltd's closing price on
Wednesday. The stock ended 4.2% lower at 267.95 rupees on
Thursday.
    UK-based Vedanta Resources held a 63.72% stake in Vedanta
Ltd through the six subsidiaries as of Dec. 31, 2023, per stock
exchange data.
    Vedanta Resources was planning to sell a stake worth $1
billion in Vedanta Ltd to investment firm GQG Partners,
television channel ET Now reported on Wednesday.
    It was not immediately clear to whom Finsider International
sold the shares. Vedanta Ltd and Vedanta Resources did not
respond to Reuters' requests 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 Agarwal has made several bids to trim debt,
including through Vedanta Ltd. He made an unsuccessful attempt
to take the company private in 2020 and his last stated plan was
to split the company into six.
 
 ($1 = 83.0321 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru; Editing by Savio
D'Souza)
 ((varunvyas.hebbalalu@thomsonreuters.com;))