Following reports that US-based GQG Partners, founded by Rajiv Jain, is in talks to buy a stake in Vedanta, a big block deal was reported on Thursday in which more than 2% equity changed hands worth over Rs 2,600 crore.
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. 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
Vedanta share price today: Nuvama said Vedanta may complete its expansion in aluminium and zinc within FY25, and, thus, generate additional cash flows.
Vedanta Ltd is set to release its earnings today, with focus on its ability to meet debt obligations. The mining conglomerate is expected to report consolidated revenue of Rs 33,676-35,477 crore and a net profit between Rs 974 crore and Rs 1,589 crore. Operating profit is projected to be in the range of Rs 6,667 crore to Rs 7,988 crore. Vedanta reduced its net debt by Rs 1,420 crore in the September quarter, but debt reduction remains a primary concern for the market.