The share price of Vedanta Ltd fell nearly 9% in early trade on Thursday after a block deal worth over Rs 4,000 crore reportedly involving one of its promoter companies.
Twin Star Holdings, the main promoter entity of Vedanta, was reported to have sold over 4% stake in the mining company.
Vedanta shares declined 8.96% to Rs 247.80 on the Bombay Stock Exchange today, just above its 52-week low of Rs 245.85. The share bounced back to Rs 253.90 at the day’s close. Its previous close was at Rs 272.15 on Wednesday.
This is the biggest fall for the Anil Agarwal-promoted company since June 2022.
Twin Star sold nearly 16 crore shares or 4.3% stake in Vedanta for Rs 4,136 crore as part of a plan to reduce debt and transform the Vedanta group into a pure green energy business, reported Livemint.
As of Wednesday, it held a 46.4% stake worth over a trillion in Vedanta.
The recent share sale reportedly has a 180-day lock-up on the seller and is meant for qualified institutional buyers.
The terms of the deal brokered by JP Morgan India states that the shares were to be sold for Rs 258.50 apiece, a 5% discount from Wednesday’s closing price, reports earlier said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
Sensex Breaks 3-Day Losing Streak