Vedanta Holdings Mauritius Limited has confirmed to the stock exchanges that it did not create any new encumbrance, directly or indirectly, on its shareholding in Vedanta Limited during the financial year 2025-26. The disclosure ensures compliance with regulatory requirements regarding substantial acquisition of shares and takeovers.

The confirmation was submitted to BSE Limited and the National Stock Exchange of India Limited. Vedanta Holdings Mauritius Limited addressed the communication to the Audit & Risk Management Committee of Vedanta Limited, stating that no shares were encumbered during the specified period other than those already disclosed.

Regulatory Compliance

The disclosure was made pursuant to Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This regulation mandates disclosures regarding any encumbrance on shares held by significant shareholders.

The letter, dated April 6, 2026, requested the exchanges to take the confirmation on record. Niralah Beeharry, Authorised Signatory, affirmed that the declaration covers the entire financial year 2025-26.

Investec has reiterated a Buy rating on vedanta with a target price of ₹319, pointing to the company's strategic initiatives across its Zinc International portfolio and Saudi copper assets as key investment catalysts.

Zinc International and Saudi Copper Assets in Focus

The brokerage's positive stance is anchored in Vedanta's articulated roadmap for its Zinc International business and the development of Saudi copper assets. Investec has specifically highlighted a 16% IRR target for the Saudi smelter project as a promising indicator of potential returns from this venture. These assets are seen as integral components of Vedanta's broader metals and mining growth strategy.

Gamsberg Turnaround Amid Grade Challenges

Investec also acknowledged the ongoing turnaround efforts at the Gamsberg operation, even as the asset continues to face headwinds from manganese grade challenges. The brokerage's assessment reflects a measured view of progress at Gamsberg, recognising the operational complexities involved in stabilising the mine's performance.

Key Highlights from Investec's Assessment

The following table summarises the key parameters from Investec's coverage note on Vedanta:

Awaiting Clarity Before Factoring in Further Upside

Despite the constructive outlook, Investec has indicated it is awaiting greater clarity on mine development plans and incentive structures before incorporating additional upside into its valuation model. This cautious approach suggests the brokerage views the current target price as reflective of known fundamentals, with potential for revision as more information becomes available on these fronts.