Promoter Entity Finsider International Divests 1.8 Pc Stake In Vedanta For Rs 1,737 Crore

Finsider International Company, a key promoter of Vedanta, sold a 1.8% stake for Rs 1,737 crore in an open market transaction, reducing its holding to 2.6%. This move comes amid Vedanta's ongoing debt restructuring, with shares dropping by 4.01% on the BSE.
Vedanta Group
Vedanta Group

Finsider International Company, one of the promoters of Vedanta, on Thursday divested a 1.8 per cent stake in the company for Rs 1,737 crore through an open market transaction.

According to the bulk deal data available with the BSE, Finsider International Company Ltd sold 6,55,18,600 shares, accounting for a 1.8 per cent stake, in Vedanta.

The shares were offloaded at an average price of Rs 265.14 apiece, taking the transaction value to Rs 1,737.16 crore.

After the latest transaction, Finsider International Company's holding in Vedanta declined to 2.6 per cent from 4.40 per cent.

Also, the combined shareholding of all the promoter entities of the mining conglomerate has reduced to 61.91 per cent from 63.71 per cent.

Details of the buyers could not be ascertained.

On Thursday, shares of Vedanta plunged 4.01 per cent to close at Rs 268 apiece on the BSE.

On February 9, metals and mining giant Vedanta Resources Ltd said it has made an upfront payment of USD 779 million to its bondholders and completed repayments as part of the debt restructuring exercise.

Last month, Vedanta Ltd reported an 18.3 per cent drop in consolidated net profit at Rs 2,013 crore in the third quarter ended December 2023 due to a spike in finance and raw materials cost amid muted sales.

The company had posted a consolidated net profit of Rs 2,464 crore in the year-ago period.

In August last year, Twin Star Holdings, another promoter entity led by billionaire Anil Agarwal, offloaded a 4.1 per cent stake in Vedanta for Rs 3,983 crore.

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