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Anil Agarwal-led Vedanta is reportedly in talks to promote a partial stake to Rajiv Jain-led GQG Companions in a deal value $1 billion. Promoter and group entities held 63.71 per cent stake in Vedanta Ltd in December.
In keeping with a report by ETNow information channel, the ultimate talks for the potential stake sale have already taken place. The transaction too would possibly happen in a number of days within the type of a block deal, the report said.
Vedanta inventory value ended almost 5 per cent increased on the NSE at Rs 282.55 on Wednesday.
The stake sale is believed to be a part of Vedanta’s efforts to boost capital to repay debt that, as of December-end, stood at $7.5 billion. The sale will reportedly happen within the type of block offers and can reduce down the parent-level debt by a 3rd.
This comes after Vedanta Sources, final week, introduced that it has made an upfront cost of $779 million to its bondholders and accomplished the reimbursement of the debt restructuring train.
Vedanta Ltd reported a 18.30 per cent fall in consolidated web revenue for the December 2023 quarter. Internet revenue fell to Rs 2,013 crore within the December 2023 quarter towards Rs 2,464 crore within the December 2022 quarter. Consolidated income from operations climbed 3.76 p.c to Rs 34,968 crore within the final quarter towards Rs 33,691 crore within the year-ago interval.
Additionally learn: Vedanta Q3 earnings: Internet revenue falls 18%, income rises to Rs 34,968 crore
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