Shares of Vedanta fell nearly 9 percent in heavy trading on Thursday, with about 16.5 billion shares in the company valued at 427 billion rupees being moved.
Vedanta shares fell as much as 8.96 percent to ₹247.80 per share on the BSE. The stock is just above its 52-week low of Rs 245.85 set on August 4, 2022.
Vedanta co-founder Twin Star Holdings has acquired a 4.3 percent stake in an Indian mining company (up to 16 billion total shares) as part of billionaire Anil Agarwal's debt relief and restructuring plan. It is said to sell for 4.136 billion rupees. Vedanta is divided into groups with purely green energy and non-ferrous operations.
LiveMint had earlier reported that Twin Star Holdings plans to sell 160 million shares of Vedanta to institutional investors at a minimum price of Rs 258.50 per share. The bet is a 5% discount from Wednesday's closing price of Rs 272.15 on the NSE. Trading Limited through JP Morgan India Limited.
Twin Star Holdings, the lead promoter, owns 1.72 billion shares or 46.4 percent of Vedanta, worth 1.01 trillion rupees, as of Wednesday.
The terms said the seller would have an "180-day lock-in" and added that the sale of shares could be to qualified institutional investors.
Vedanta shares are down 18% so far this year. The stock has fallen 9% in a month.