Vedanta shares rise as its parent firm regains control of copper project in Zambia

Vedanta Share Price: Vedanta Ltd shares rose on BSE on Monday (July 1, 2024) after its London-headquartered parent company- Vedanta Resources- regained the control of the Konkola copper project in Zambia by settling debt with creditors. 

The stock of Vedanta that closed trading at Rs 454.00 in the previous session rose by 2.08 per cent to Monday's high of Rs 463.45.

Vedanta shares that started trading at Rs 457.95 each on Monday were trading higher by 1.63 per cent, or Rs 7.40, at Rs 461.40 on Monday.

A court in Lusaka on Friday reportedly gave the go-ahead to a scheme of arrangement supported by Konkola Copper Mines Plc's creditors. 

However, to get access to the mine, Vedanta needs to release $250mn to settle debts that KCM owes to suppliers and contractors, as per the report.

Last week, Vedanta had also sold a stake worth Rs 7,485 crore, or 4.6 per cent equity, in a block deal. 

Vedanta share price history

Vedanta shares have soared by 79.41 per cent in the six months and 65.89 per cent in the one-year period.

Benchmark Nifty50, meanwhile, has risen by 10.59 per cent in the six months while 24.66 per cent in the one-year period.