Vedanta divests 1.6% Stake in Hindustan Zinc, Strengthens Balance Sheet

Vedanta Limited ("Vedanta") announces that it has sold 66.7 million shares in Hindustan Zinc Limited, a subsidiary of the Company, to institutional investors by way of an accelerated bookbuild process, representing c. 1.6 per cent of the issued ordinary share capital. The gross proceeds from the sale of shares amount to c. INR 3,028 Cr.

As we actively progress towards the demerger of Vedanta into sector focused entities across diverse verticals, this capital raise will help de-leverage the balance sheet and enhance financial flexibility, enabling each of the demerged entities to pursue their independent growth plans.

This transaction reflects continued investor confidence in Vedanta's strategic direction, particularly the progress made over recent quarters in delivering record production, driving cost efficiencies, and execution of its deleveraging and demerger initiatives aimed at long term value creation for all stakeholders.

Shares of Vedanta Limited was last trading in BSE at Rs. 458.90 as compared to the previous close of Rs. 463.85. The total number of shares traded during the day was 431439 in over 7403 trades.

The stock hit an intraday high of Rs. 465.80 and intraday low of 458.00. The net turnover during the day was Rs. 198850482.00.

Source : Equity Bulls

Keywords

Vedanta INE205A01025 VEDL StakeSale HindustanZinc