Vedanta promoter in talks with GQG Partners to sell $1 billion worth stake
Economic Times
India
15-02-2024
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Vedanta Ltd promoter is in talks to sell a partial stake in the mining major to Rajiv Jain-led GQG Partners in a deal worth $1 billion, ETNow news channel reported, quoting sources.
The final talks for a potential stake sale have already taken place, and the transaction may take place in a few days in the form of a block deal, the news channel reported.
As of December-end, promoter and group entities cumulatively held a 63.71% stake in Vedanta Ltd. On Wednesday, shares of Vedanta ended nearly 5% higher on the National Stock Exchange at Rs 282.55.
A year back, GQG Partners rose to fame on Dalal Street, after the global investment firm made a contra bet on Adani Group and bought stocks of four companies for Rs 15,000 crore, following a massive rout triggered by US-based Hindenburg Research’s explosive report against the group