Vedanta’s promoters cannot dispose of shares: Lender

The promoters of mining major Vedanta, a subsidiary of London-headquartered Vedanta Resources (VRL), cannot sell or dispose of their shares in the Indian company due to a charge created earlier. The move gains importance as Vedanta had pledged almost 95% of its holdings in Hindustan Zinc (HZL), including a recent one three days ago.

A charge was created on all the issued shares of Vedanta, following an earlier agreement signed in 2020-21 with Vedanta group promoter entities. The charge includes restrictions that include selling, transferring or otherwise disposing of any of the shares held by the promoters or to be acquired by them in Vedanta, OCM Verde XI Investments, a lender to Vedanta, said in a stock exchange update.