Vedanta Group, in a press release, stated that Finsider International Company, a subsidiary of Vedanta Resources, accepted a proposal from considered one of its banks Tuesday night to promote 2.6% shares holding in Vedanta Ltd to a bunch of reputed institutional investors.
“This is in line with Group’s dedication to considerably deleverage its balance sheet at each the India and the VRL degree and in line with broader initiatives to assist its strategic progress plans,” stated the assertion.
Last Friday, a Vedanta Resources spokesperson, in an e mail response to ET’s queries, “strongly denied any plans to sell a stake in Vedanta.”
Agarwal has been in search of to slash the group’s debt burden. London-listed Vedanta Resources lowered its internet debt to $6 billion in FY24 from $9.7 billion in FY22. The firm goals to chop it to $3 billion over the subsequent three years. Vedanta Resources has long-term debt maturities of $900 million in FY25 and one other $900 in FY26.Vedanta Resources held a 61.95% stake in India-listed Vedanta Ltd as of March 31 by means of six subsidiaries. In February, Finsider International offered greater than 65.5 million Vedanta Ltd shares for ₹1,700 crore.Consolidated internet debt on the Vedanta Group (comprising Vedanta Resources, Vedanta Ltd, Hindustan Zinc) was $12.35 billion as of March 31. Of this, 49% was rupee-denominated and the stability was in overseas foreign money, the corporate knowledgeable its bondholders in a latest investor presentation.Earlier this month, the Vedanta Group unveiled a strategic roadmap to realize an working revenue of $10 billion, with well timed execution of 50-plus initiatives throughout numerous enterprise verticals.