 "Anil Agarwal's Vedanta pledges almost its entire stake in Hindustan Zinc")
Anil Agarwal's Vedanta Ltd has pledged almost all of its stake in Hindustan Zinc. According to a filing, the company pledged 3.3 per cent of its total equity or 139.4 million shares in favour of Axis Trustee Services on May 23.
The total number of encumbered shares now stands at 17,195,158. The company mentioned in the filing that the shares were pledged as collateral for loans taken by the company or the group.
Earlier on April 28, the company had pledged 80,538,415 or 1.91 per cent shares to Axis Trustee Services. Before that on April 17, the company had pledged 103,237,916 shares or 2.44 per cent to Axis Trustees.
Then too, the shares were pledged to take a loan.
Last year, on December 5, Vedanta had pledged 42,253,190 or a one per cent stake to SBICap Trustee company.
In the quarter that ended on March 31, Vedanta reported a 67.5 per cent fall in net profit to Rs 1,881 crore. The revenue from operations fell 5.4 per cent to Rs 37,225 crore.
Hindustan Zinc reported a 12 per cent fall in net profit to Rs 2,583 crore in the quarter. The revenue from operations dropped four per cent to Rs 8,281 crore.