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Bond Market News
Vedanta Confirms Stake Sale in Indian Subsidiary, Days after Denying Plans
June 27, 2024
Vedanta Resources (VRL) has sold a 2.63% stake in its Indian subsidiary Vedanta Ltd., only days after it denied reports of any plans to sell a stake in the unit. This was done through a block deal via its promoter entity Finsider International Company to institutional investors, raising about INR 41.8bn ($500mn). The amount raised is said to be helpful in the company paring its debt. A spokesperson noted that the stake sale would help deleverage “at both India and the VRL level and in-line with broader initiatives to support its strategic growth plans”. At end-March 2024, the promoter holding in Vedanta Ltd. stood at 61.95%, of which Finsider held 2.63%.
Vedanta’s dollar bonds jumped higher, with its 9.25% 2026s up by 1.5 points to 90.51, yielding 15.4%.
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