Vedanta Promoter To Sell 2.5% Stake To Cut Debt

An In other words, Vedanta Resources is likely to sell a minority stake in Vedanta this week to block deals. The promoter group is likely to sell a stake of about 2.5% or 90 million shares to raise 4000 crores to the transactions. The same is likely to happen at a discount of around 8 to 10%. The stake sale will help Vedanta Resources reduce debt liabilities arising in the upcoming months. Anil Agarwal has been seeking to slash the group's debt burden. Vedanta has reduced its net debt to $6 billion in FY24. $9.7 billion in FY22. The company aims to cut it to $3 billion over the next few years. The company has a long term debt maturities of $900 million in FY25 and another $900 million in FY20. 6 Consolidated net debt at the Vedanta Group including Hindustan Zinc was $12.35 billion as of March 31st.