Last Updated: March 23, 2023, 16:16 IST
Vedanta holds 64.92 per cent of the fairness share capital of HZL.
Vedanta Resources, which is a majority shareholder of Vedanta Ltd, has been trying to scale back its debt by way of the sale of its zinc property for a money consideration of USD 2,981 million to Hindustan Zinc Ltd
Vedanta Ltd on Thursday termed any talks of the sale in oil-to-metals conglomerate as “unfaithful 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 the company’s spokesperson, “Any talk of stake sale in Vedanta Ltd is untrue and baseless.” The media report stated that stake sale in Vedanta is a final resort for Agarwal and can solely be thought-about if different fundraising choices fail.
Vedanta Resources, which is a majority shareholder of Vedanta Ltd, has been trying to scale back its debt by way of the sale of its zinc property for a money consideration of USD 2,981 million to Hindustan Zinc Ltd (HZL). However, the federal government which holds 29.54 per cent stake in Hindustan Zinc has sternly opposed this transfer.
Vedanta holds 64.92 per cent of the fairness share capital of HZL.
Vedanta Resources had earlier stated that it has sufficient means to satisfy debt compensation liabilities within the coming quarters because it appeared to assuage investor considerations round its monetary place.
In an announcement, the agency, which is almost all proprietor of Mumbai-listed mining and oil and fuel firm Vedanta Ltd, had stated it’s within the superior stage of finalisation to tie up USD 1.75 billion by way of a mix of syndicate mortgage and bilateral financial institution services.
Vedanta Resources had stated it has pre-paid all of its debt that was due for compensation until March 2023, deleveraging by USD 2 billion previously 11 months.
Further, it’s assured of assembly its liquidity necessities for the quarter ending June 2023.
Vedanta Resources had not too long ago stated that it has totally repaid 250 million greenback in loans it had taken from Barclays Bank and Standard Chartered Bank.
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