Citi has issued a “Buy” rating on Vedanta, setting a target price of ₹430 per share. The company recently announced its third interim dividend of ₹20 per share, resulting in a total outflow of ₹7,800 crore, with promoters holding a 56.4% stake.
As of June 2024, Vedanta’s net debt, excluding Hindustan Zinc Limited (HZL), stood at ₹61,000 crore. Following this, on July 20, the company raised nearly ₹8,500 crore through the issuance of 193.2 million shares via a Qualified Institutional Placement (QIP).
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