The Supreme Court in 2020 had issued notice on a petition filed by Vedanta against the Madras High Court decision refusing it to reopen the copper smelter plant in Tamil Nadu's Thoothukudi.
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
S&P Global Ratings reduced Vedanta s issuer rating to "SD" or "selective default" from "CC," indicating the agency believes the company has defaulted on some payments but will meet its other obligations on time. The cut comes after Moody s downgraded the miner s corporate family rating and senior unsecured bonds earlier this week.
Vedanta share price: The real issue for the stock’s underperformance, Nuvama said, has been the continuous overhang of parent company’s debt, whose repayment has now been deferred to FY27.
UK-based Vedanta Resources said on Wednesday it received bondholders support to restructure some of its near-term debt, easing repayment pressure on the parent of Indian metals conglomerate Vedanta Ltd .