The logo of Vedanta outside its headquarters in Mumbai, Maharashtra.
Credit: Reuters Photo
Vedanta Resources will sell a 2.6 per cent stake in Indian metals-to-oil firm Vedanta to a group of institutional investors, the former said in a statement on Wednesday.
The move marks an about-turn from a week ago when Vedanta Chairman Anil Agarwal said there were no plans for a stake sale by the company's controlling shareholders.
Vedanta Resources will sell the stake through its unit Finsider International, which held a 2.63 per cent stake in Mumbai-listed Vedanta as of March-end, according to exchange data.
The firm did not disclose the financial details of the deal or the names of the investors.
Vedanta Resources, whose debt stood at Rs 50,145 crore ($6 billion) as of March 31, has been grappling with a host of rating downgrades since last year as analysts flagged liquidity issues and high default risk.
On completing the stake sale, the firm would have reduced its debt by Rs 5,432 crore ($650 million) so far in fiscal 2025, the statement said.
Vedanta's shares fell more than 6 per cent in early trade and were last down 2.7 per cent, with about 83 million shares changing hands through block deals at a discount to the previous closing price of 454.05 rupees.