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Vedanta promoters buy 3.7% stake at Rs 349.70 per share

Capital Market 

Two promoter entities on Tuesday acquired 3.7% stake in the diversified natural resources company through open market transactions.

According to bulk deal data available with the NSE, Twin Star Holdings and Vedanta Netherlands Investments together bought 13.78 crore shares, amounting to 3.7% stake, of the company.

Twin Star Holdings and Vedanta Netherlands picked up 8.78 crore shares (2.36% equity) and 5 crore shares (1.35% equity), respectively in the company. Shares were acquired at Rs 349.70 each.

As on September 2021, Twin Star Holdings held 43.60% stake in Vedanta.

Meanwhile, the board of Vedanta last week decided that the company should undertake a comprehensive review of the corporate structure and evaluate a full range of options and alternatives (including demerger(s), spin-off(s), strategic partnerships etc.) for unlocking value and simplification of corporate structure.

The company intends to separate its aluminium, steel, and oil and gas businesses, and publicly list them.

To this end, the board has constituted a committee of directors to evaluate and recommend such options and alternatives, the company said in an exchange filing on Wednesday.

On a consolidated basis, Vedanta reported attributable net profit of Rs 4,615 crore in Q2 September 2021, steeply higher than Rs 824 crore in Q2 September 2020. Net sales rose 44% to Rs 30,048 crore in Q2 September 2021 over Q2 September 2020.

Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa and Namibia.

Shares of Vedanta were down 3.55% at Rs 342.55 in early trade Wednesday amid profit selling. The stock surged 14.71% in the past two sessions.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, November 24 2021. 09:24 IST