Vedanta shares: Vedanta, the mining company of veteran businessman Anil Aggarwal, has surpassed Adani Group and has made a successful bid of ₹ 17 thousand crore for the debt -ridden Jayaprakash Associates. Vedanta has made this successful bid in the open challenge round for Jai Prakash Associates. CNBC-TV18 received this information quoting sources. It is now coming out that the trend of brokerage firm Nuwama on this success of Vedanta is negative. Nuwama says that this may cause a shock to Vedanta’s minority shareholders. Talking about its shares now, it closed at ₹ 445.50 at ₹ 445.50 on BSE on Friday, September 5, a trading day earlier.
According to the June quarter’s Shayolding pattern, Vedanta has more than 2 million small retail shareholders whose investment is up to ₹ 2 lakhs. His stake in Vedanta is 11.64%. Promoters have 56.38% equity holding of the company.
Why is Nuvama a negative from Vedanta bet?
According to brokerage firm Nuwama, bidding for Jayaprakash Associates is negative for Vedanta’s minority shareholders and does not agree with the justification for its acquisition. The brokerage firm says that when Vedanta Group’s priority i.e. the first job should be to end the debt, it is fully entry in different business. The brokerage firm also says that funding of ₹ 17 thousand crore will be very difficult. In such a situation, Nuwama says that due to this deal, the chances of rating Vedanta’s shares have reduced significantly.
Who was in the bid for Jaiprakash Associates?
Jayaprakash Associates, which is struggling with the Insolvency and Bankerpasi (IBC) process, is currently under pressure of ₹ 59 thousand crores of several creditors led by the National Asset Reconstruction Company. According to sources, in the last phase, only those who bid for this clashed between Vedanta and Adani Group and Vedanta made a successful bid of ₹ 17 thousand crore. Sources said the other contenders in the race Dalmia Bharat Group, Jindal Power and PNC Infratech did not offer any bid in the final round. A reserve price of ₹ 12 thousand crore was fixed for the open challenge round. At the same time, the lenders had also sought assurance that if the Yamuna Expressway Industrial Development Authority decides the land dispute comes in favor of the company, then the successful bidding company will pay extra money.
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