Vedanta promoters to raise stake by 5% in Indian arm via block deals

Stake hike comes after Vedanta Resources, the company's promoter, had failed to delist Vedanta Ltd in October as it did not get bids for a sufficient quantity of shares

Promoters of Vedanta Limited plan to launch an offer to qualified institutional buyers (QIBs) to buy up to 4.98 per cent stake in the India-listed base metals to crude oil producer through accelerated bookbuild purchase of equity shares (block deals) on Thursday.

The increase in stake comes after Vedanta Resources, the company's promoter, had failed in its attempt to delist Vedanta Limited in October as it did not get bids for a sufficient quantity of shares. A total of 1,254.7 million shares were tendered by shareholders, against 1,697.3 million shares sought by promoters.

An increase in stake could make it