Vedanta promoter Twinstar will likely sell 16 crore shares via block deals

Twinstar, one of the promoter entity of Anil Agarwal-led Vedanta Ltd. will be selling 16 crore shares of the company via block deals. 

The floor price for the transaction, valued at $500 million or Rs 4,130 crore, is said to be at Rs 258.5, which is a 5 percent discount to Wednesday's closing price. 

The block agreement between Vedanta and Vedanta Resources occurs barely one week before the company's due date for paying back debt. 

As of the June quarter, Vedanta Resources held a 68.11 percent stake in Vedanta Ltd., most of which is pledged.

Vedanta had earlier declared a dividend of Rs 18.5 in May this year, just a week ahead of a $500 million bond repayment deadline of its parent company.

Source: Media Reports