Shares of Vedanta Resources saw a decline on the NSE on February 15 following block deals involving 8.2 crore shares. Earlier reports from ET Now indicated that promoters were considering selling a stake worth $1 billion to Rajiv Jain’s investment firm GQG Partners. At 9:25 am, the stock was trading down by 1% at Rs 277.
According to exchange data, approximately 2.2% of equity stake, valued at Rs 2,255 crore, in Vedanta Ltd changed hands in these block deals. Moneycontrol was unable to independently identify the buyer.
The news of the stake sale comes amid Vedanta facing around $6.4 billion in outstanding debt, including a $4.5 billion payment due by fiscal 2025. As of December 2023, the promoter and group entities collectively held a total of 63.71% stake in Vedanta.
In the past year, foreign portfolio investor GQG Partners has increased its stakes in other Indian companies, such as Adani Ports and GMR Airport Infrastructure.
