Vedanta Limited announces Strategic Review of Steel and Steel Raw Materials Businesses

Vedanta Limited (the "Company"), a subsidiary of Vedanta Resources Limited, is one of the world's leading natural resources companies spanning across India, South Africa and Namibia with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Nickel, Aluminium & Power.

The Company continues to review its strategic priorities in the normal course of its capital allocation discussions, with the aim to continue to maximize stakeholder value. In this regard, the Company has decided to initiate a strategic review of its steel and steel making raw materials businesses.

The review will begin immediately and will evaluate a broad range of options to maximize stakeholder value, including but not limited to a potential strategic sale of some or all of the above mentioned steel businesses. The Company has engaged advisors to assist in this review.

The Company will continue to make further announcements in this connection in accordance with its disclosure obligations and pursuant to applicable laws and regulations.

Shares of Vedanta Limited was last trading in BSE at Rs. 278.05 as compared to the previous close of Rs. 279.80. The total number of shares traded during the day was 238361 in over 7369 trades.

The stock hit an intraday high of Rs. 280.25 and intraday low of 277.50. The net turnover during the day was Rs. 66389562.00.

Source : Equity Bulls

Keywords

Vedanta INE205A01025 VEDL Aluminium Steel RawMaterials BusinessReview