Promoter sells 1.8% stake in Vedanta via open market for over Rs 1,700 crore

The final talks for a potential stake sale have already taken place, and the transaction may take place in a few days in the form of a block deal, the news channel reported. As of December-end, promoter and group entities cumulatively held a 63.71% stake in Vedanta Ltd. On Wednesday, shares of Vedanta ended nearly 5% higher on the National Stock Exchange at Rs 282.55

Last week media reports had claimed that Vedanta promoters were considering selling up to a 2.5 percent stake for over Rs 4,000 crore in Vedanta Ltd. As of Q4FY24, Vedanta’s promoters held a 61.95 percent stake in the company.

GQG Partners Emerging Market Fund bought 10,284,024 shares or 0.6% stake in JSW Energy at Rs 341.70 apiece for Rs 351 crore.

Domestic fund house PGIM India Mutual Fund has sold its stake in Sagar Cement, while ICICI Pru Mutual Fund bought shares through a block deal on Tuesday.

Mio IV Star has sold stake in Star Health, while Fidelity, among other funds, bought shares through bulk deals on Monday.

Promoter company Housing Development Finance Corp (HDFC) has further bought 0.77% stake in its subsidiary HDFC Life through bulk deals on Wednesday.

As per reports, the promoter entity will be selling 16 crore Vedanta shares in block deal at an offer price of Rs 258.5 per share on Thursday. Anil Agarwal-led Vedanta Resources, a London-based company, is taking various measures to pay its debt in the past few months.

A Mint analysis showed that key stakeholders, including promoters, have sold shares worth over ₹1.35 trillion through bulk and block deals during the calendar year so far

Mining mogul Anil Agarwal is weighing a stake sale in Vedanta as a last-resort option and is studying the possibility of selling less than 5 per cent of the company, news agency Bloomberg reported on Thursday. In order to soothe investor concern over the companys liquidity and ability to repay upcoming obligations, Vedanta Resources has already slashed its net debt by $2 billion this year

On June 30, promoters of air-conditioning generator manufacturer TD Power Systems sold 37.7 million shares for ₹835 crore. Shares of TD Power rallied 8% in the last three months and 20% in the last one year.