Vedanta Resources plans to sell ~$1bn shares to GQG Partners through block deals to strengthen finances and reduce debt, per ET Now report.

Vedanta Resources, the parent company of Indian miner Vedanta, may sell approximately $1 billion worth of shares in the company to investment firm GQG Partners through block deals, according to a report from television channel ET Now. Vedanta Resources, which has a debt of $6.4 billion, has been working to strengthen its financial position, recently conducting debt restructuring. Group Chairman Anil Agarwal has made several attempts to reduce debt, including an unsuccessful attempt to take the company private in 2020 and plans to divide Vedanta into six companies.

February 14, 2024
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