Vedanta shares jump over 1%; Anil Agarwal asks government to sell its 29% stake in Hindustan Zinc

Vedanta share price has risen nearly 2% in the past one week while in the last one year shares have tumbled over 21%.

Vedanta share price, Anil Agarwal
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’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.

Meanwhile, Vedanta Ltd parent company Vedanta Resources earlier this month said that it is in the advanced stage to tie up fresh loans of $1 billion from a group of banks. The company is also confident of meeting its maturities for the quarter ending June 2023.

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. On April 11, 2022, Vedanta’s stock touched a 52-week high of Rs 440.75 and on July 1, 2022, it touched a 52-week low of Rs 206.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 06-03-2023 at 12:02 IST
Exit mobile version