Vedanta promoter creates pledge on 4.4% equity to borrow $ 250 million

31 May 2023 , 10:39 AM

As per data on the exchanges, Vedanta Resources Plc., Vedanta Limited’s promoter pledged 4.4% of its overall holding in the company on May 25.

The company has created the pledge in favour of Glencore International on May 25 to borrow $250 million. In terms of revenue, Glencore is the world’s largest mining company.

The company announced this a day before the scheduled maturity of its junk-rated bond worth $500 million. With this, all of the promoter holdings in the company stand pledged.

Last week, Vedanta pledged 13.94 crore shares or 3.3% of the total equity held by it in Hindustan Zinc. These shares have been pledged in favour of Axis Trustee Services Ltd. With this, Vedanta has pledged its entire shareholding in Hindustan Zinc.

Based on the details available on BSE, promoter holding in Vedanta was 68.11%. However, in a recent update, the total holding has been reduced to 65.18%.

However, even though the percentage of holding has reduced, the number of shares held by the promoters remains constant at 253.18 crore.

At around 10.35 AM, Vedanta was trading 2.29% lower at Rs 279.05, against the previous close of Rs 285.60 on NSE.

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