November 29, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Promoter entity buys stake in Vedanta via open market transactions

Two entities, including promoter entity, on Tuesday acquired 3.7 per cent stake in the mining behemoth, Ltd through open market transactions.

According to bulk deal data available with the NSE, Twin Star Holdings and Netherlands Investments together bought 13.78 crore shares, amounting to 3.7 per cent stake, of the company.

Individually, Twin Star Holdings and Netherlands picked up 8.78 crore shares and 5 crore shares, respectively in the company.

The shares were purchased at Rs 349.7 apiece, which is at a premium of 6.6 per cent to Monday’s closing price of Rs 328.35. Overall, the shares were bought for about Rs 4,822 crore.

However, the sellers of the shares could not be ascertained immediately.

As of September quarter, Vedanta promoters held 65.18 per cent stake in the company, followed by 34.5 per cent stake owned by the public, shareholding pattern available with the exchanges showed.

The scrip of Vedanta surged 6.27 per cent to close at Rs 348.95 on the NSE on Tuesday. During the trading session, the stock touched a high of Rs 361 and a low of Rs 337.6.

Last week, Anil Agarwal’s Vedanta Ltd said it is mulling restructuring of the mining behemoth that may include demerger and listing of the aluminium, iron & steel, and oil and gas businesses as standalone entities.

Under the restructuring being evaluated, Vedanta and three businesses will operate parallelly, according to chairman Agarwal.

He said Vedanta’s board has constituted a committee of directors to evaluate and recommend options to restructure the group.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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