Anil Agarwal-led company Vedanta has pledged almost its entire stake in subsidiary Hindustan Zinc (HZL), according to the stock exchanges. The metals and mining group pledged an additional 13.94 crore shares, or 3.3% of total equity, in favor of Axis Trustee Services Ltd on May 22. The entire encumbered equity share of his subsidiary thus amounts to 64.51%. Vedanta owns a 64.92% stake in zinc mining company HZL.
Vedanta has reportedly pledged shares as collateral for company or group loans. This is the third time this financial year that the promoter has pledged its shares in HZL to raise loans. On April 28, 2023, the Mumbai-based company pledged 80,538,415 or 1.91% shares to Axis Trustee Services while on April 17, 2023 it pledged another 103,237,916 shares or 2.44% to Axis Trustees.
Previously, on December 5, 2022, Vedanta had pledged 42,253,190 shares or 1% to SBICap Trustee Company.
In a separate development, Vedanta declared its first interim dividend of ₹18.50 per share on May 22, i.e. The dividend payment date is May 30, 2023.
