Vedanta Ltd., the Indian subsidiary of Vedanta Resources quashed rumors about its stake sale saying it was “untrue and baseless”. This comes after a report said that the company was pondering about a stake sale in Vedanta Ltd. as a last-resort option with a possibility of selling less than 5% of the company. Vedanta Resources earlier said that it has sufficient means to meet debt maturities in the coming quarters and that it has pre-paid all of its debt due until March 2023.
Separately, Vedanta Ltd. also said that it was considering paying a fifth interim dividend for FY 2023 on March 28. If the resolution goes through, the dividend will help alleviate concerns about the parent company being able to pay down its debts due. Vedanta Resources, the parent is the largest shareholder in Vedanta Ltd with a 69.69% stake. This would largely be on expected lines, following the fourth dividend from Hindustan Zinc announced earlier this week.
Vedanta’s dollar bonds were however trading weaker with its 13.875% 2024s down 1.9 points to 82.38.
