Vedanta in talks to sell partial stake to Rajiv Jain’s GQG Partners for $1 billion: Report 

Anil Agarwal-led Vedanta is reportedly in talks to sell a partial stake to Rajiv Jain-led GQG Partners in a deal worth $1 billion. Promoter and group entities held 63.71 per cent stake in Vedanta Ltd in December.

According to a report by ETNow news channel, the final talks for the potential stake sale have already taken place. The transaction too might take place in a few days in the form of a block deal, the report stated. 

Vedanta stock price ended nearly 5 per cent higher on the NSE at Rs 282.55 on Wednesday.

The stake sale is believed to be part of Vedanta’s efforts to raise capital to repay debt that, as of December-end, stood at $7.5 billion. The sale will reportedly take place in the form of block deals and will cut down the parent-level debt by a third. 

This comes after Vedanta Resources, last week, announced that it has made an upfront payment of $779 million to its bondholders and completed the repayment of the debt restructuring exercise. 

Vedanta Ltd reported a 18.30 per cent fall in consolidated net profit for the December 2023 quarter. Net profit fell to Rs 2,013 crore in the December 2023 quarter against Rs 2,464 crore in the December 2022 quarter. Consolidated revenue from operations climbed 3.76 percent to Rs 34,968 crore in the last quarter against Rs 33,691 crore in the year-ago period.

Also read: Vedanta Q3 earnings: Net profit falls 18%, revenue rises to Rs 34,968 crore