Vedanta pledges 64.92% stake in Hindustan Zinc

26 May 2023 , 01:54 PM

Vedanta has pledged nearly all of its stake in Hindustan Zinc. The company established a pledge in favour of Axis Trustee Services on 13.94 crore shares or 3.3% of total equity.

According to BSE data, total encumbered equity share capital is now 64.51%, up from 64.92% previously. The company pledged the said shares on May 23. The total number of unencumbered shares is 17,195,158.

The BSE filing of the company outlined that it pledged the shares as collateral for loans taken by the company or group.

The Mumbai-based multinational mining company pledged its shares in Hindustan Zinc for the third time this fiscal year.

Vedanta pledged 80,538,415 or 1.91% of its shares to Axis Trustee Services on April 28, 2023. Meanwhile, Vedanta pledged 103,237,916 equity shares, or 2.44%, to Axis Trustees on April 17, 2023.

The shares were pledged as collateral for loans taken out by the company or group on both occasions.

Vedanta’s March quarter net profit fell 67.5% year-on-year to Rs 1,881 crore. Revenue from operations fell 5.4% y-o-y to Rs 37,225 crore.

At around 1.52 PM, Vedanta was trading at Rs 297.15, up by 0.46% against the previous close of Rs 295.80 on NSE.

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