Vedanta shares tumble 8% amid block deal; GQG likely buyer
Vedanta’s parent Vedanta Resources (VRL) was looking to sell stake worth $1 billion in the company to Rajiv Jain-led investment firm GQG Partners.
Vedanta’s parent Vedanta Resources (VRL) was looking to sell stake worth $1 billion in the company to Rajiv Jain-led investment firm GQG Partners.
Vedanta Resources, the parent company of Vedanta, faces debt refinancing of $1 billion bonds maturing in Jan 2024, followed by $0.95 bn in Aug 2024, and $1.2 bn in Mar 2025.
The stock price got a boost as Anil Agarwal plans to transfer Zambia’s Konkola Copper Mines from his group’s holding company Vedanta Resources to Vedanta.