<p><a href="https://www.deccanherald.com/tags/vedanta">Vedanta</a> 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.</p>.<p>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.</p>.<p>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.</p>.<p>The firm did not disclose the financial details of the deal or the names of the investors.</p>.Vedanta says ICRA has assigned top rating to its commercial paper.<p>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.</p>.<p>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.</p>.<p>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.</p>
<p><a href="https://www.deccanherald.com/tags/vedanta">Vedanta</a> 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.</p>.<p>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.</p>.<p>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.</p>.<p>The firm did not disclose the financial details of the deal or the names of the investors.</p>.Vedanta says ICRA has assigned top rating to its commercial paper.<p>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.</p>.<p>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.</p>.<p>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.</p>