Vedanta denies talks of stake sale, calls them 'untrue', 'baseless'
Vedanta Ltd on Thursday termed any talks of sale in oil-to-metals conglomerate as "untrue and baseless."
This comes in the wake of news report which said that mining mogul Anil Agarwal is contemplating a stake sale in Vedanta as a last-resort option and is examining the possibility of selling less than 5 per cent of the company.
According to company's spokesperson, "Any talk of stake sale in Vedanta Ltd is untrue and baseless."
The media report said that stake sale in Vedanta is a last resort for Agarwal and will only be considered if other fundraising options fail.
Vedanta Resources which is a majority shareholder of Vedanta Ltd has been looking to reduce its debt through the sale of its zinc assets for a cash consideration of USD 2,981 million to Hindustan Zinc Ltd (HZL). However, the government which holds 29.54 per cent stake in Hindustan Zinc has sternly opposed this move.
Vedanta holds 64.92 per cent of the equity share capital of HZL.
Vedanta Resources had earlier said t