Vedanta share price plunged nearly 9% on Thursday after a block deal took place on the exchanges wherein around 16.5 crore equity shares of the company worth ₹4,270 crore changed hands.
Vedanta shares declined as much as 8.96% to ₹247.80 apiece on the BSE. The stock is tad above its 52-week low of ₹245.85 apiece hit on August 04, 2022.
One of Vedanta’s promoter entity, Twin Star Holdings Ltd, is said to sell a 4.3% stake in the Indian mining company, aggregating up to 16 crore shares, for ₹4,136 crore as part of the billionaire Anil Agarwal’s plan to reduce debts and transform his Vedanta group into a pure-play green energy and non-ferrous business.
Read here: Vedanta promoter to sell ₹4,136 cr stake
Livemint earlier reported that 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, as per the terms of a deal brokered by JP Morgan India Pvt. Ltd.
Also Read: Titan share price falls 3% a day after Q1 results; experts give thumbs up but there are concerns too
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.
Vedanta shares have fallen 18% this year so far. The stock is down 9% in one month.
At 10:40 am, Vedanta share price was trading 6.89% lower at ₹253.45 apiece on the BSE.
Catch Live Market Updates here
Download The Mint News App to get Daily Market Updates.
Updated: 03 Aug 2023, 10:42 AM IST
