Anil Agarwal’s Vedanta Ltd share price rose 1.28% to Rs 292.95 on NSE in early morning trade on Monday. On the controversy revolving around the Hindustan Zinc deal, the group’s chief Anil Agarwal in a TV interview recently asked the government to sell its 29% stake in Hindustan Zinc, as they had agreed to sell a 100% stake 20 years ago. Anil Agarwal added that the government must accelerate the process, and that it had agreed to divest the remaining stake to Vedanta under a particular formula.
Agarwal further said that the government could probably make Rs 40,000-50,000 crore from the deal. He added that the company has to be run by the board and not by the government. “Government has agreed that they will sell 100% share 20 years back. So how much will you hold our leg and not allow us to run? They have to take a decision to disinvest this 29%. The company has to be run by the board and not by the government,” Anil Agarwal said.
Vedanta share price has risen nearly 2% in the past one week while in the last one year shares have tumbled over 21%. The stock touched an intraday low of Rs 290.50 and a high of Rs 294.60. At the current price of Rs 292.95 per share, the company’s market capitalisation stands at Rs 1.08 lakh crore on BSE