Vedanta seeks $1 billion in upsized share placement
Vedanta is joining a slew of Indian companies tapping stock investors amid surging valuations and increasing demand for equity investments in the country.
Vedanta Resources, the parent of Indian miner Vedanta Ltd, may sell about $1 billion worth shares in the company to investment firm GQG Partners via block deals, television channel ET Now reported on Wednesday citing sources.
Vedanta did not immediately respond to a Reuters request for comment.
Saddled with $6.4 billion in outstanding debt, including a $4.5 billion payment due by fiscal 2025, Vedanta Resources has been attempting to shore up its finances, including through a recent debt restructuring.
Group chairman Anil Agarwal has made several bids to trim debt, including an unsuccessful attempt to take the company private in 2020 and plans to split Vedanta into six companies.
GQG Partners had raised its stake in billionaire Gautam Adani-owned Adani Ports and Special Economic Zone in August last year.
(By Sethuraman NR; Editing by Savio D’Souza and Shilpi Majumdar)
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