Anil Agarwal refutes reports of 5% stake sale in Vedanta

23 Mar 2023 , 01:56 AM

Anil Agarwal,  has refuted the reports of selling 5% stake in Vedanta. The statement has come after several media outlets reported that Agarwal was analyzing the sale of a minority stake in Mumbai-listed Vedanta Ltd. in a bid to reduce his business empire’s massive debt load.

However, the representatives of the company denied the same and said it is “untrue and baseless.”

This comes after several media outlets suggested that Agarwal was considering various options, including selling a minority stake in the company, to reduce his business empire’s significant debt load.

Last week, the company  repaid the loan of $250 million took from Barclays Bank and Standard Chartered Bank. 

After the reports of the stake sale, shares of Vedanta dropped 6% on BSE in early trading session.

Vedanta Resources has also appointed US financial services firm Cantor Fitzgerald to syndicate loans to raise up to $2 billion to service its short-term debt maturities.

In the exchange filing in February, the company has also stated that it has reduced its net debt by $2 billion in the current financial year and plans to continue reducing its debt load over the next two financial years, from a starting point of $7.7 billion.