With debt repayments up to $2 billion maturing by June, billionaire Anil Agarwal-led Vedanta Resources Limited (VRL) has reached out to investors for a strategic stake sale of up to 10% in Vedanta Limited (NSEI:VEDL), said people with knowledge of the matter. It's also exploring the possibility of leveraging the cash flows of the domestic subsidiary and upstreaming the borrowed funds — moving them to the parent — via dividend payouts, they said. Vedanta has denied any stakesale plans.

According to multiple sources aware of the development, Vedanta Resources has reached out to sovereign wealth funds (SWFs) and alternative asset managers from the Gulf including Abu Dhabi's Mubadala Investment Company PJSC, Abu Dhabi Developmental Holding Company PJSC (ADQ), Bahrain's Investcorp Holdings B.S.C., and Saudi Arabia's The Public Investment Fund of The Kingdom of Saudi Arabia (PIF) for up to 10% dilution in the company.