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Vedanta Resources denied reports of any plans of the parent company selling a stake in its Indian subsidiary, Vedanta Ltd, as per the company’s spokesperson. This comes on the back of reports that Vedanta promoters were planning to sell up to a 2.5% stake equivalent to ~INR 40bn ($480mn) in the Indian listed entity. Further, Chairman Anil Agarwal said that “there is nothing on the cards to take our holding down below 61.5%”. He also added that they are “very comfortable to address the debt” and also have “a good cash flow and good dividend that should take care of all the debt payment”. Rumors of the stake sale also came amid the gradual decline in the parent’s stake in Vedanta Ltd. since end-2022, from 69.68% to 61.95% as of end-March 2024.
Vedanta’s dollar bonds were trading steady, with its 9.25% 2026s at 88.76, yielding 16.61%.
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