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Vedanta promoter to sell 4,136 cr stake
Mint Mumbai
|August 03, 2023
Anil Agarwal’s Twin Star Holdings Ltd, a promoter entity of Vedanta Ltd, aims to sell a 4.3% stake in the Indian mining company for ₹4,136 crore as part of the billionaire’s plan to reduce debts and transform his Vedanta group into a pure-play green energy and non-ferrous business.
According to the terms of a deal brokered by JP Morgan India Pvt. Ltd, Twin Star Holdings will sell 160 million shares in Vedanta to institutional investors at a minimum of ₹258.50 each, a 5% discount to Wednesday’s closing price of ₹272.15 on National Stock Exchange of India Ltd.
Twin Star Holdings, the main promoter entity, owns 1.72 billion shares or 46.4% of Vedanta, valued at ₹1.01 trillion as of Wednesday. “There is a 180-day lock-up on the seller," the terms said, adding that the share sale could be meant for qualified institutional buyers.
An email sent to a spokesperson for Vedanta on the stake sale remained unanswered till press time.
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