Vedanta's promoter company sells 1.7% stake for Rs 1,737 crore. All the details

Finsider International has reportedly sold shares worth Rs 1,737 crore in Vedanta.

The transaction involved sale of 6.55 crore shares at an average price of Rs 265.14 per share. The sale is part of a larger Rs 8.2-crore share deal involving other buyers and sellers.

The exchange did not disclose the names of buyers but unconfirmed reports suggest Rajiv Jain's GQG Partners may be one of the purchasers.

The stake sale by Finsider, which is part of Vedanta's promoter group holding a 4.40 percent stake, comes even as the firm is trying to find a fix for its debt, which stands at around $6.4 billion, including a $4.5-billion payment due by fiscal 2025.

GQG holds stakes in a dozen of Indian listed firm such as Patanjali Foods, Max Healthcare Institute Ltd, ITC Ltd, GMR Airports Infrastructure Ltd, JSW Energy Ltd and IDFC First Bank Ltd. It also owned stakes in a couple of Adani group firms namely Ambuja Cements Ltd, Adani Green Energy Ltd, Adani Power Ltd, Adani Enterprises Ltd and Adani Ports & Special Economic Zone Ltd.

GQG was in fact the first strategic investor in Adani group in the aftermath of scathing Hindenburg Research report that had wiped $150 billion market capitalisation off Adani group firms.

In the case of Vedanta, promoters held 63.71 per cent in the company as of December 31, 2023. In a recent note, PhillipCapial said it has maintained its positive outlook on Vedanta as it feels that commodity prices have legroom to improve from here driven by Chinese stimulus and improved demand in H2Fy24. The demerger of businesses and potential sales of ferrous division will provide further flexibility to promoter Vedanta Resources in terms of debt management, it said.