Vedanta Resources saw a decline in its shares on Thursday, following reported block deals involving 8.2 crore shares.

What Happened: Around 2.2% equity stake worth ₹2,255 crore in Vedanta changed hands in block deals, as per exchange details.

Promoters were considering selling a $1 billion stake to Rajiv Jain’s GQG Partners, ET Now had previously reported.

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The stake sale news surfaces as Vedanta grapples with around $6.4 billion in outstanding debt, including a $4.5 billion payment due by fiscal 2025. As of December 2023, the promoter and group entities held a total of 63.71% stake in Vedanta.

In the past year, foreign portfolio investor GQG Partners has raised stakes in several Indian companies, including Adani Ports and GMR Airport Infrastructure.

Additionally, the Supreme Court proposed a panel to explore the restart of Vedanta’s shut Sterlite copper smelting plant in Tuticorin. Vedanta, the parent company of Sterlite, saw the plant’s closure in 2018 following protests that led to 13 deaths due to police firing.

In Q3, the Anil Agarwal-led company reported a 40.81% decline in consolidated net profit to ₹2,464 crore, while revenue remained flat at ₹33,691 crore.

Price Action: Vedanta’s share price was trading 0.57% lower at ₹278.05 in morning trade on Thursday, recovering some losses after falling nearly 2% early in the session.

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