Business

Promoter entity Twin Star sells 4.1% stake in Vedanta for Rs 3,983 cr; two FIIs buy

[ad_1]

Twin Star Holdings, the majority shareholder among Vedanta’s promoters, has sold partial stake in the company through bulk deals on Thursday.

According to the bulk deals data available with the exchanges, Twin Star has offloaded 15.4 crore shares or 4.14% stake in the company. The transaction was done at a weighted average price of Rs 258, which is at 5% discount to Wednesday’s closing price.

Further, investment firm Copthall Mauritius has bought 8.4 crore shares or 2.2% in the company. Another foreign investor Societe Generale has also picked up 2.94 crore shares in the transaction.

Promoters own the majority stake in Vedanta at 68%, as of June- end, while Twinstar Holdings has 46.4% stake.

Shares of Vedanta, which slumped sharply in trade on Thursday, due to likely stake sale by a promoter entity in the open market, could see their weightage going up in the MSCI and FTSE indices, according to Nuvama Quantitative Research.

Shares of the mining major nosedived close to 9% and hit a near 52-week low following multiple large deals on the bourses.

The stock closed 6.71% lower at Rs 253.9 on the NSE. On a year-to-date basis, the shares have underperformed the benchmark index, falling nearly 20%.In the June quarter, Vedanta’s consolidated net profit plunged 40% to Rs 2,640 crore, from Rs 4,421 crore reported in the same quarter last year.

Revenue from operations fell 13% to Rs 33,342 crore for the first quarter as against Rs 38,251 crore. The fall in revenue is mainly due to steep reduction in output commodity prices, partially offset by favourable movement in exchange rate.

The company reported an EBITDA of Rs 6,975 crore for the April-June period, down 35% from Rs 10,741 crore in the same period of last year, due to lower output commodity prices and lower sales. EBITDA margin for the quarter stood at 24%.

[ad_2]

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button