Rajiv Jain Denies Buying Vedanta Shares, Says GQG Not Involved in Block Deal

Abhay Singh
3 Min Read
GQG Partners Rajiv Jain

Rajiv Jain, who made headlines last year by investing heavily in Adani Group shares during adverse times, has become a well-known name in the Indian market. GQG Partners and Rajiv Jain often remain in the news. Recently, he was discussing the possibility of buying shares in the mining company Vedanta. However, now Rajiv Jain himself has denied any such deal.

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Rajiv Jain clarified that his company has no role in the recent block deal regarding Vedanta shares. He also expressed happiness that people have started taking the name of his firm, i.e. GQG Partners, in every block deal happening in India. Jain was talking to an Indian news channel on Wednesday. During that time, he said these things.

Necessary Support Was Given To Adani

Investment firm GQG Partners came into the limelight around this time last year. In fact, after the Hindenburg report in January last year, Adani Group faced all-around selling. When everyone was selling Adani’s shares, GQG Partners had invested about Rs 15 thousand crores in the shares of Adani Group. GQG Partners’ investment was very helpful in restoring investors’ confidence in the Adani Group.

Block Deal Of Vedanta Shares

He talked about Vedanta, the mining and metal giant recently selling shares through a block deal. 9.4 crore shares of Vedanta have been sold in the block deal, equaling about 2.6 per cent of Vedanta’s total equity. Vedanta has received more than Rs 2,600 crore from this block deal. After the block deal, it was said that GQG Partners had also taken shares of Vedanta. However, now he has denied it.

Such News Were Coming

Before the block deal, an ET Now report had also claimed that talks were going on between Vedanta and GQG Partners regarding the block deal. It was said in the report that GQG Partners can invest $ 1 billion in the mining company, and the deal can be done through a block deal on the stock market.

Vedanta Is Stuck In Debt Crisis

Vedanta is currently facing a debt crisis. The company is actively engaged in reducing the debt burden. Vedanta and group companies have implemented various measures to raise funds for this. According to the data, till the end of December, Vedanta had a total net debt of Rs 62,493 crore ($7.5 billion).

Vedanta Limited is a company listed on the Indian stock exchange, whose promoter is London-based Vedanta Resources Limited. Currently, the promoter’s stake in Vedanta Limited (including the stake of other entities associated with the group) is 63.71 per cent.

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By Abhay Singh Journalist
Abhay has been with News Waker for over a few months and has covered various topics, from politics to business to sports. He is known for his engaging writing style and ability to explain complex issues in a way that's easy to understand.