Vedanta group promoter Twin Star Holding is planning to sell a 4.3 per cent stake in Vedanta Ltd to raise up to $501 million (Rs 4,136 crore) for debt repayment. The shares will be sold at a 5 per cent discount to Vedanta’s closing price of Rs 272 per share. As of Wednesday, the promoters own a 68.11 per cent stake in the company, which has a market capitalisation of Rs 1.01 lakh crore.
Vedanta, a subsidiary of London-headquartered Vedanta Resources (VRL), has committed to invest $1.7 billion for capital expenditure in FY24. “We have already invested $1.2 billion in the form of growth capex in FY23 to augment our assets and production. We envisage committing another $1.7 billion in FY24 towards growth projects,” Vedanta chairman Anil Agarwal said in the company’s annual report for FY23.
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