The big bulk deal of the hour – The newly spun-off entity of the Vedanta Group, Vedanta Iron and Steel, attracted bulk stake buying. On the very first day of trading, PI opportunities AIF V LLP purchased a total of 4.83 lakh shares of Vedanta Iron and Steel’s equity shares via a bulk deal at an average price of Rs 21.02 per share on the NSE.
PI Opportunities Fund (PIOF) is a premier private equity growth and expansion fund managed by Premji Invest, the family office of billionaire philanthropist Azim Premji. The evergreen, sector-agnostic fund primarily operates in India and focuses on long-term investments spanning private and public markets, ranging from early-stage startups to IPO-bound companies.
Vedanta Iron and Steel share
Vedanta Iron and Steel shares traded at around Rs 21.06 on the NSE. The stock debuted on the bourses at Rs 20 apiece as part of the Vedanta mega-demerger, which split the conglomerate into four separate entities.
About Vedanta Iron and Steel
Vedanta Iron and Steel is an integrated metals and ferrous resources company operating across India and Africa. Spun off into an independently listed entity during a mega-demerger, it encompasses Vedanta’s major steel and iron ore assets, including ESL Steel in Bokaro, Jharkhand, and Sesa Iron Ore.
Vedanta’s long-term goal is a massive expansion from its current production to upwards of 15 to 50 million tonnes of steel to cater to domestic demand and reduce imports. VISL debuted with an initial market capitalisation of nearly Rs 8,200 crore.
Vedanta Resources, the London-based parent company, pushed its consolidated debt down into the standalone subsidiaries. It assigned $200 million (almost Rs 1,650 crore) of debt under Vedanta Iron and Steel. This is relatively light compared to Vedanta Aluminium, which inherited the lion’s share of $3.5 billion in debt.