Vedanta block deal: GQG might be the bidder; 2.2% equity share sold for Rs 2,255 crore; stock dropped

Vedanta block deal: GQG might be the bidder; 2.2% equity share sold for Rs 2,255 crore; stock dropped

Vedanta

Approximately 8.2 crore shares, or 2.2% equity worth Rs 2,255 crore, changed hands, according to exchange data. Moneycontrol was unable to identify the buyer on its own.

The Anil Aggarwal-led business had a 40.81 percent decrease in consolidated net profit in Q3, coming in at Rs 2,464 crore, compared to flat sales of Rs 33,691 crore for the same period.

Vedanta Resources' stock fell on the NSE after modifications to the 8.2 crore share block auction on February 15. The founders are thinking of selling Rajiv Jain's investment firm GQG Partners a $1 billion interest in the business, according to an earlier report from ET Now. At 9:25 a.m., the stock was trading at Rs 277, down 1%.

Exchange records show that block agreements included the transfer of about 2.2% stock in Vedanta Ltd for a total value of Rs 2,255 crore. Moneycontrol was unable to identify the buyer on its own.

The announcement of the share sale coincides with Vedanta's approximately $6.4 billion in outstanding debt, of which $4.5 billion is due by the company's fiscal year 2025. As of December 2023, the promoter and group companies controlled 63.71 percent of the entire shareholding. Yoga.

GQG Partners, a foreign portfolio investor, has increased its ownership in Adani Ports and GMR Airport Infrastructure, among other Indian enterprises, throughout the last year.

On February 14, the Supreme Court said that it would form a committee to investigate the viability of reopening Vedanta's shuttered Sterlite copper smelting facility in Tuticorin. The main business of Sterlite is Vedanta. The facility closed in 2018 as a result of demonstrations against it, which resulted to the deaths of 13 people at the hands of the police.

The Anil Aggarwal-led business had a 40.81 percent decrease in consolidated net profit in Q3, coming in at Rs 2,464 crore, compared to flat sales of Rs 33,691 crore for the same period.