Page 14 - Vedanta

Hindustan Zinc OFS base price set at Rs 486; 15.2% below firm's last close

Share sale by Vedanta to fetch Rs 6,500 cr

Vedanta raises OFS size of Hindustan Zinc, set to offload 3.31% stake

Mining conglomerate Vedanta on Wednesday said it has raised the offer-for-sale size of Hindustan Zinc and will now offload 3.31 per cent stake in the company, representing up to 14 crore shares. On Tuesday, the Vedanta board approved the sale of up to 11 crore shares or 2.60 per cent stake in Hindustan Zinc through offer-for-sale (OFS). "The duly authorised Committee of Directors of Vedanta Ltd , at its meeting held on August 14, 2024, has approved the sale of up to 14,00,00,000 equity shares of Hindustan Zinc Ltd (HZL), representing 3.31 per cent of the issued and paid-up equity share capital of HZL, by way of an offer-for-sale," Vedanta said in a filing to BSE. At Wednesday's closing price of Rs 572.95 apiece on BSE, the sale of HZL's 14 crore shares will fetch Vedanta Rs 8,021 crore. At 11 crore shares, the amount would have been Rs 6,302 crore. At the end of the June quarter, Vedanta owned 64.92 per cent stake in HZL while the government had 29.54 per cent. Vedanta plans to .

Metal shares fall on adverse SC ruling; Tata Steel, Vedanta drop up to 6%

The Supreme Court ruled in favor of the State governments' authority to levy taxes on mineral rights.

Hindustan Zinc dips 4% as Vedanta board okays 2.6% stake sale via OFS

Meanwhile, Hindustan Zinc has dismissed rumours of Rs 6,000 crore worth special dividend.

Vedanta board okays 2.6% OFS worth Rs 6,450 crore in Hindustan Zinc

Company to offload stake through the stock exchange route

Has Vedanta put its steel business sale on hold after $1 bn share boost?

Vedanta may revisit the sale in the future but will prioritise investments in sectors like electronics and semiconductors

Vedanta Q1 FY25 results: Net profit rises 36.6% to Rs 3,606 crore

The company's other income was down 59.8 per cent to Rs 934 crore on a Y-o-Y basis

Vedanta hopeful to complete demerger process by year end, says CFO

Diversified natural resources company Vedanta Ltd has filed the demerger scheme with the National Company Law Tribunal (NCLT) after receiving a nod from lenders and is hopeful of completing the process by the end of this fiscal, a senior company official said on Tuesday. The proposed demerger will create independent companies housing aluminium, oil and gas, power, steel and ferrous materials, and base metals businesses. The existing zinc and new incubated businesses will remain under Vedanta Ltd. Speaking with PTI, Vedanta's CFO Ajay Goel said, "There is a very significant development ( on demerger). We have secured all approvals be it secured lenders, BSE, NSE, and SEBI. We have filed the scheme on Monday with NCLT and filing the demerger scheme with NCLT practically is the last step." Now the proposed demerger, he said, will be a reality "very soon". "Our last commitment of demerger getting closed is by the end of this fiscal and we are very much on track," he explained. A few d

Vedanta gets clearance from BSE, NSE for proposed demerger into six firms

Mining conglomerate Vedanta Ltd on Wednesday said it has received clearances from leading exchanges BSE and NSE for its proposed demerger. The development assumes significance as it will pave the way for Vedanta's plan to split into six independent listed companies, including oil and gas and aluminium. "... BSE and NSE, vide their letters dated July 31, 2024 and July 30, 2024 respectively, have conveyed that they have 'no objections/no adverse observations', on the proposed scheme," Vedanta said in a regulatory filing. The company said that it will soon file an application with the National Company Law Tribunal (NCLT). "The scheme remains subject to receipt of other applicable statutory and regulatory approvals including inter alia from the National Company Law Tribunal and the respective shareholders and creditors, under applicable laws," the filing said. On Tuesday, Vedanta Ltd said it has received approvals from majority of its creditors for a proposed demerger of businesses, .

Vedanta gets secured creditors' nod for demerger into six companies

Agarwal tried unsuccessfully to take Vedanta private in 2020, his latest attempt to trim down parent company's debt last year by getting its unit, Hindustan Zinc, to buy some of firm's zinc assets

HZL market cap up nearly 477 times to Rs 2.8 trn, says Chairperson Hebbar

Vedanta group firm Hindustan Zinc Ltd (HZL) on Monday said its market capitalisation grew by nearly 477 times to reach about Rs 2.8 lakh crore from Rs 600 crore two decades ago. Speaking during the 58th Annual General Meeting on Monday, the company's Chairperson Priya Agarwal Hebbar said Hindustan Zinc's market capitalisation at about Rs 2.8 lakh crore is the highest among all metal and mining peers in the country. "This marks a growth of nearly 477 times in market capitalisation from a mere Rs 600 crore two decades ago," she said. In FY24, she said, the company achieved significant improvements in its operational efficiencies and saw a remarkable reduction in the cost of production. "We advanced into the first decile of the cost curve and recorded the lowest annual production cost in the past three years at USD 1,117 per tonne," she said. Hindustan Zinc is the world's second-largest integrated zinc producer and the third-largest silver producer. The company supplies its products

Vedanta Nico inks pact for supplying nickel to US-based AEsir Technologies

Vedanta Nico, a subsidiary of Vedanta Ltd, on Monday said it has entered into a pact with US-based AEsir Technologies for the supply of nickel, a critical component for next-generation batteries. Nickel plays an important role in EV battery technology, particularly in the cathode, where it enhances energy density, power output, and battery lifespan. Nickel-rich batteries, such as nickel-zinc variants, offer fast charging, reduce reliance on cobalt, and improve the overall electric vehicle (EV) value proposition. The global demand for nickel in batteries is projected to reach 500,000 tonnes by 2025 from 150,000 tonnes in 2020 due to the expanding EV market adoption. The International Energy Agency (IEA) forecasts that the number of electric cars will rise from over 10 million in 2020 to 145 million by 2030, spurred by larger battery capacities, faster charging, and advancements in reducing cobalt use. "Vedanta Nico, India's primary nickel producer, has signed a strategic Memorandum

Vedanta shares gain 3.8% on S&P Global Ratings upgrade of UK parent

Shares of the Mumbai-listed Vedanta closed at Rs 447, up Rs 16.4, or 3.8 per cent over the previous day's close

Vedanta Aluminium, NITI Aayog hold stakeholder meet on red mud utilisation

Vedanta Aluminium in partnership with NITI Aayog held a high-level stakeholder meeting to identify sustainable applications for red mud, a key byproduct in the bauxite refining process for making aluminium, a release said on Thursday. The experts congregated at the 8th joint meeting of the monitoring and steering committee for the project titled Technology Development for Holistic Utilization of Red Mud for Extraction of Metallic Values & Residue Utilization, the company said. Bauxite, the primary ore for aluminium, undergoes an intermediate refining stage known as the Bayer process to produce alumina, which is then subjected to electrolysis to produce aluminium. The alumina refining stage generates bauxite residue, commonly known as red mud. The day-long session focused on the effective utilization of red mud through focused research, development, and commercialization efforts in other industries, it said. As the testing phase of the collaborative project nears a successful ...

Vedanta Resources seeks partners to develop Zambia mines it's regaining

The company seeks partners to carry out exploration, development and production as part of a $1 billion investment plan at the Konkola Copper Mines assets, it said

Vedanta Ltd acquires two critical mineral blocks in Karnataka, Bihar

Vedanta Ltd on Sunday said that it has bagged two critical mineral blocks which were put on sale. The blocks are in Karnataka and Bihar, the company said in a filing to the BSE. "The company has been declared as preferred bidder' for the Gollarahatti-Mallenahalli Nickel Chromium and PGE Block and Genjana Nickel, Chromium and PGE Block," the filing said. The mines ministry has put on sale the Gollarahatti-Mallenahalli Nickel Chromium and PGE Block in Karnataka -- at G4 level of exploration and Genjana Nickel -- Chromium and PGE Block in Bihar, which is at G3 level of exploration. The exploration for any mineral deposit involves four stages -- reconnaissance survey (G4), preliminary exploration (G3), general exploration (G2) and detailed exploration (G1). While one block was put on sale in the second round of critical minerals blocks auction the other one was put on auction in the third round.

Nippon MF, Morgan Stanley, SBI MF top bidders for Vedanta $1 billion QIP

These projects include the expansion of the aluminium smelter and refinery, investment in new oil and gas blocks, and expansion of the steel and iron ore businesses

Vedanta raises $1 bn via QIP; Goldman, Morgan Stanley among top investors

Mining conglomerate Vedanta Limited raised Rs 8,500 crore (over USD 1 billion) through Qualified Institutions Placement (QIP) of 19.31 crore equity shares at an issue price of Rs 440 per share, according to a stock exchange filing by the company. The issue, which closed on July 19, implied a discount of 4.61 per cent to the floor price of Rs 461.26 per equity share. In a stock exchange filing, Vedanta said it sold 19.31 crore shares to raise Rs 8,500 crore. Some of the marquee investors that have been allotted equity shares through the QIP include Abu Dhabi Investment Authority (ADIA), Goldman Sachs AMC, Nippon Mutual Fund, SBI Mutual Fund, UTI Mutual Fund, ICICI Mutual Fund, Aditya Birla Mutual Fund and Mirae Mutual Fund. Various funds run by Nippon Mutual Fund were allotted 9.11 per cent of the total issue size, while funds managed by Morgan Stanley and SBI Mutual Fund received 8.62 per cent and 7.88 per cent, respectively. Speaking on the occasion, Vedanta chairman Anil Agarwal

Vedanta Resources pays $246 mn dues to revive operations at Zambian mine

The miner, owned by billionaire Anil Agarwal, had in November 2023 regained control of the copper mines and smelter

Stocks to watch, July 16: Vedanta, HUL, Lupin, SpiceJet, Jio Fin Services

At 6:40 AM, GIFT Nifty futures traded steady at 24,620, indicating a subdued start for the markets.