Vedanta share price plunges 9% after block deal, promoter Twin Star Holdings likely seller

Vedanta share price plunged nearly 9% on Thursday after a block deal took place on the exchanges wherein around 16.5 crore equity shares of the company worth 4,270 crore changed hands.

Vedanta shares declined as much as 8.96% to 247.80 apiece on the BSE. The stock is tad above its 52-week low of 245.85 apiece hit on August 04, 2022.

One of Vedanta’s promoter entity, Twin Star Holdings Ltd, is said to sell a 4.3% stake in the Indian mining company, aggregating up to 16 crore shares, for 4,136 crore as part of the billionaire Anil Agarwal’s plan to reduce debts and transform his Vedanta group into a pure-play green energy and non-ferrous business.

Read here: Vedanta promoter to sell 4,136 cr stake

Livemint earlier reported that Twin Star Holdings will sell 160 million shares in Vedanta to institutional investors at a minimum of 258.50 each, a 5% discount to Wednesday’s closing price of 272.15 on National Stock Exchange of India Ltd, as per the terms of a deal brokered by JP Morgan India Pvt. Ltd.

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Twin Star Holdings, the main promoter entity, owns 1.72 billion shares or 46.4% of Vedanta, valued at 1.01 trillion as of Wednesday. 

“There is a 180-day lock-up on the seller,” the terms said, adding that the share sale could be meant for qualified institutional buyers.

Vedanta shares have fallen 18% this year so far. The stock is down 9% in one month.

At 10:40 am, Vedanta share price was trading 6.89% lower at 253.45 apiece on the BSE.

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Updated: 03 Aug 2023, 10:42 AM IST

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