Vedanta Ltd. pledged about 10.32 crore shares, or 2.44% stake, of its unit Hindustan Zinc Ltd. for a term loan.
The pledge was created through the depository system on April 17 for the loan amount of Rs 1,500 crore, or $182.55 million, according to a company exchange filing.
The loan is for general business purposes, including repayment of existing debt, capital expenditures and operating expenses, the company said.
Shares of Vedanta fell 0.69% to close at Rs 279.6 apiece compared to a flat Nifty 50.
Of the 16 analysts tracking the stock, 10 maintain a 'buy', three suggest a 'hold' and three analysts recommend a 'sell', according to Bloomberg. The average 12-month consensus price target implied an upside of 27.8%.
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