Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Indonesia is now considering deep cuts to nickel mining quotas as it seeks to boost slumping prices of the metal.
Vedanta Resources, the parent of Vedanta Ltd, has sold a stake worth more than 17.37 billion rupees ($209 million) in the Indian miner, exchange data showed on Thursday.
Finsider International, part of billionaire Anil Agarwal-led Vedanta Resources, sold more than 65.5 million Vedanta Ltd shares at 265.14 rupees each, the data showed.
That is a 5.2% discount to Vedanta Ltd’s closing price on Wednesday. The stock ended 4.2% lower at 267.95 rupees on Thursday.
UK-based Vedanta Resources held a 63.72% stake in Vedanta Ltd through the six subsidiaries as of Dec. 31, 2023, per stock exchange data.
Vedanta Resources was planning to sell a stake worth $1 billion in Vedanta Ltd to investment firm GQG Partners, television channel ET Now reported on Wednesday.
It was not immediately clear to whom Finsider International sold the shares. Vedanta Ltd and Vedanta Resources did not respond to Reuters‘ requests 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 Agarwal has made several bids to trim debt, including through Vedanta Ltd. He made an unsuccessful attempt to take the company private in 2020 and his last stated plan was to split the company into six.
($1 = 83.0321 Indian rupees)
(By Varun Vyas; Editing by Savio D’Souza)
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