The promoters of Vedanta had a 61.95% share in the business as of the March quarter. The promoter share in Vedanta has dropped from little over 70% to just over 60% since December 2022.
With a slightly higher closing price of ₹469.30 on Friday, Vedanta shares have increased by 82% in 2024. Since 2021, when its value quadrupled, this is the stock's highest calendar year performance.
The parent firm of the Indian-listed corporation Vedanta Ltd., Vedanta Resources Ltd., has flatly denied having any intentions to sell a portion of its subsidiary. According to a corporate spokeswoman, "Vedanta Resources strongly denies any plans to sell a stake in Vedanta Limited," as reported by CNBC-TV18.
The statement comes in response to a June 21 article published in the Economic Times stating that Vedanta Ltd. promoters were thinking of selling up to a 2.5% interest in the company, which is valued at more than Rs 4,000 crore. This information came to light barely one day after Anil Agarwal, the chairman of Vedanta Group, said in a CNBC-TV18 exclusive interview that he had no plans to further lower his ownership of the firm.
With between 62% and 61% of the firm, we feel secure with our holdings. If an investment banker approaches me with a proposal, we will collaborate on it. Nothing is planned to reduce our stake below 61.5% at this time, however, according to Agarwal.
The promoters of Vedanta had a 61.95% share in the business as of the March quarter. The promoter share in Vedanta has dropped from little over 70% to just over 60% since December 2022. Agarwal also conveyed assurance about the business's capacity to handle its debt. "I believe that we feel very at ease discussing the debt. We should be able to pay off all of VRM's debt thanks to our strong cash flow and dividend, he said.
With a slightly higher closing price of Rs 469.30 on Friday, Vedanta's shares have increased by 82% in 2024. Since 2021, when its value quadrupled, this is the stock's highest calendar year performance.
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