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The final talks for a potential stake sale have already taken place, and the transaction may take place in a few days in the form of a block deal, the news channel reported.<\/p>\n
As of December-end, promoter and group entities cumulatively held a 63.71% stake in Vedanta Ltd. On Wednesday, shares of Vedanta ended nearly 5% higher on the National Stock Exchange at Rs 282.55. <\/p>\n
A year back, GQG Partners rose to fame on Dalal Street, after the global investment firm made a contra bet on Adani Group and bought stocks of four companies for Rs 15,000 crore, following a massive rout triggered by US-based Hindenburg Research\u2019s explosive report against the group. <\/p>\n
The stake sale is part of the Anil Agarwal-led mining company\u2019s efforts to raise capital to repay debt. As of December-end, Vedanta\u2019s consolidated net debt stood at Rs 62,493 crore ($7.5 billion). <\/p>\n
The billion-dollar worth of share sale will take place in the form of block deals and will cut down the parent-level debt by a third and give a message to the market that the promoters of Vedanta are very serious and are open to selling some family silver to manage their debt, ETNow<\/em> reported. Last week, parent Vedanta Resources said it made an upfront payment of $779 million to its bondholders and completed repayment as part of the debt restructuring exercise. The repayment follows the consent that the global mining major received earlier this year for the extension of maturities on $3.2 billion bonds to 2029.<\/p>\n (You can now subscribe to our ETMarkets WhatsApp channel<\/a>) Download The Economic Times News App<\/a> to get Daily Market Updates & Live Business News. <\/p>\n Subscribe to The Economic Times Prime<\/a> and read the Economic Times ePaper<\/a> Online.and Sensex Today<\/a>. <\/p>\n Top Trending Stocks: SBI Share Price<\/a>, Axis Bank Share Price<\/a>, HDFC Bank Share Price<\/a>, Infosys Share Price<\/a>, Wipro Share Price<\/a>, NTPC Share Price<\/a><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":" MUMBAI – Vedanta Ltd promoter is in talks to sell a partial stake in the mining major to Rajiv Jain-led GQG Partners in a deal worth $1 billion, ETNow news channel reported, quoting sources. The final talks for a potential stake sale have already taken place, and the transaction may take place in a few […]<\/p>\n","protected":false},"author":1,"featured_media":7118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[50],"tags":[1238,10605,10601,5668,7646,951,8036,2146,331,7251,10642,6156,10777,10645,1493],"jetpack_featured_media_url":"https:\/\/img.etimg.com\/thumb\/msid-107699103,width-1200,height-630,imgsize-260390,overlay-etmarkets\/photo.jpg","_links":{"self":[{"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/posts\/7117"}],"collection":[{"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/comments?post=7117"}],"version-history":[{"count":0,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/posts\/7117\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/media\/7118"}],"wp:attachment":[{"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/media?parent=7117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/categories?post=7117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/tags?post=7117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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