homemarket Newsstocks NewsVedanta shares gain 8% as promoters look to raise stake by up to 4.57%

Vedanta shares gain 8% as promoters look to raise stake by up to 4.57%

Vedanta shares gain 8% as promoters look to raise stake by up to 4.57%
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By CNBCTV18.COMNov 23, 2021 1:11:08 PM IST (Published)

Shares of mining company Vedanta Ltd jumped 7.74 percent on Tuesday after reports that the company's promoters, Vedanta Netherlands Investments BV and Twin Star Holdings, are looking to buy up to 17 crore equity shares at Rs 350, for a total valuation of Rs 5,950 crore.

Shares of mining company Vedanta Ltd jumped 7.74 percent to Rs 354 in early BSE trade on Tuesday, after reports that the company's promoters, Vedanta Netherlands Investments BV and Twin Star Holdings, are looking to buy up to 17 crore equity shares at Rs 350, for a total valuation of Rs 5,950 crore.

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At 11:30 am, shares of Vedanta were trading 4.43 percent higher, or up 14.55 points at Rs 342.90 while the benchmark Sensex was trading flat at 58,446.50 paring initial losses.
As of September 30, 2021, the promoter group companies have a purchase offer size of up to 4.57 percent of the total shares outstanding. A purchase offer is an accelerated book build purchase of equity shares.
JP Morgan India Private Limited is acting as the broker to purchasers Twin Star Holdings Limited and Vedanta Netherlands Investments B.V.
This comes after Anil Agarwal-led Vedanta said on November 17 that it will undertake a comprehensive review of the corporate structure.
The company said it is evaluating a full range of options and alternatives including demerger(s), spin-off(s), strategic partnerships for unlocking value and simplification of corporate structure.
On Vedanta stock, Dipan Mehta, Director, Elixir Equities said Vedanta has been a bit of a laggard as compared to some of the other ferrous and non-ferrous metal stocks.
"I think positive on Vedanta and a correction like this may be a good opportunity. But one should keep in mind that these are great trading stocks, you can hold them for a few months also, but not part of a core holding," said Mehta.
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