Vedanta says talks of stake sale "untrue and baseless"
Vedanta Resources had earlier said that it has enough means to meet debt repayment liabilities in the coming quarters as it looked to assuage investor concerns around its financial position.
Vedanta Ltd on Thursday termed any talks of sale in oil-to-metals conglomerate as "untrue and baseless."
This comes in the wake of news report which said that mining mogul Anil Agarwal is contemplating a stake sale in Vedanta as a last-resort option and is examining the possibility of selling less than 5 per cent of the company.
According to company's spokesperson, "Any talk of stake sale in Vedanta Ltd is untrue and baseless."
The media report said that stake sale in Vedanta is a last resort for Agarwal and will only be considered if other fundraising options fail.
Vedanta Resources which is a majority shareholder of Vedanta Ltd has been looking to reduce its debt through the sale of its zinc assets for a cash consideration of USD 2,981 million to Hindustan Zinc Ltd (HZL). However, the government which holds 29.54 per cent stake in Hindustan Zinc has sternly opposed this move.
Vedanta holds 64.92 per cent of the equity share capital of HZL.
Vedanta Resources had earlier said that it has enough means to meet debt repayment liabilities in the coming quarters as it looked to assuage investor concerns around its financial position.
In a statement, the firm, which is the majority owner of Mumbai-listed mining and oil and gas company Vedanta Ltd, had said it is in the advanced stage of finalisation to tie up USD 1.75 billion through a combination of syndicate loan and bilateral bank facilities.
Vedanta Resources had said it has pre-paid all of its debt that was due for repayment till March 2023, deleveraging by USD 2 billion in the past 11 months.
Further, it is confident of meeting its liquidity requirements for the quarter ending June 2023.
Vedanta Resources had recently said that it has fully repaid 250 million dollar in loans it had taken from Barclays Bank and Standard Chartered Bank.
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
04:06 PM IST