Vedanta Resources to Sell 2.6% Stake in Mining Arm to Slash Debt
Vedanta Resources plans to sell a 2.6% stake in its Mumbai-listed mining arm via Finsider International to reduce debt and support future growth. The transaction could reduce Vedanta Resources' debt by over $650 million since the fiscal year's start. The promoter stake in Vedanta Ltd has dropped from 69.68% to 61.95%.
- Country:
- India
In a strategic move to manage debt and bolster growth, Vedanta Resources will divest a 2.6% stake in its Mumbai-listed mining conglomerate, as announced on Wednesday.
The sale, conducted through its subsidiary Finsider International, aims to cut down debt by over USD 650 million since April.
This decision aligns with Vedanta's commitment to deleverage its balance sheet, marking a crucial step towards financial stability and expansion.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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