Vedanta Power Limited (formerly known as Talwandi Sabo Power Limited) has allotted 2,20,48,67,749 equity shares to members of its promoter and promoter group, constituting 56.38% of the company's total post-issue share capital. The allotment was executed pursuant to a Composite Scheme of Arrangement involving Vedanta Limited and other subsidiaries, which was sanctioned by the National Company Law Tribunal, Mumbai Bench, vide its order dated January 09, 2026. This equity issuance increases the company's total paid-up share capital to 391,03,88,057 shares with a face value of ₹10 each.

The equity shares were allotted on May 04, 2026, and have been subsequently listed and admitted to trading on BSE Limited and National Stock Exchange of India Limited with effect from June 15, 2026. The disclosure was made in compliance with Regulation 29(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Details of Allotment

The allotment was made to 30 entities and individuals identified as acquirers and Persons Acting in Concert (PAC). Major recipients include Twin Star Holdings Ltd, Vedanta Holdings Mauritius II Limited, Welter Trading Limited, and Vedanta Holdings Mauritius Limited. Individual promoters such as Pravin Agarwal, Suman Didwania, Ankit Agarwal, and Sakshi Mody also received shares.

Shareholding Pattern

Prior to the acquisition, the promoter group held 0% of the share capital. Following the allotment, the group holds a controlling 56.38% stake in Vedanta Power Limited. The mode of acquisition was a preferential allotment driven by the composite scheme sanctioned under Sections 230 to 232 of the Companies Act, 2013.

The total equity share capital of Vedanta Power Limited before the allotment stood at 32,06,60,96,92 shares with a face value of ₹10 each. Post-allotment, the capital has expanded to 391,03,88,057 shares with a face value of ₹10 each.

Vedanta Aluminium has attracted bullish coverage from two prominent brokerages, with Kotak Institutional Equities initiating a Buy rating and Citi reaffirming its positive stance, both anchored in strong aluminium market fundamentals, volume growth prospects, and cost efficiency drivers.

Kotak Institutional Equities Initiates Buy with ₹600 Target

Kotak Institutional Equities has initiated coverage on Vedanta Aluminium with a Buy rating and a target price of ₹600. The brokerage highlights sector-leading volume growth as a primary driver, projecting a ~6% volume CAGR through FY26–29E. A key structural advantage cited is the company's backward integration strategy, which is expected to lower costs by US$150/ton, enhancing the firm's competitive positioning within the sector.

Beyond operational efficiencies, Kotak points to a structural aluminium market deficit and elevated prices as supportive macro factors. The brokerage further notes strong free cash flow (FCF) generation and rapid deleveraging potential as additional catalysts underpinning its constructive outlook on the stock.

The following table summarises the key investment thesis highlighted by Kotak Institutional Equities:

Citi Maintains Buy with ₹560 Target

Citi has maintained its Buy rating on Vedanta Aluminium with a target price of ₹560, citing a positive aluminium price outlook as a central thesis. The brokerage expects CY27 and CY28 average aluminium prices of $3,700 and $3,800 per tonne, respectively. A supply deficit in the market is seen as a potential driver of a further 15–20% price upside to $4,000/t.

Additional factors supporting Citi's positive view include delayed smelter ramp-up timelines, rising demand trends, and the company's ability to benefit from higher LME prices alongside volume growth and lower operating costs. Together, these elements are seen as reinforcing the stock's investment case.

The table below outlines the key highlights from Citi's coverage:

Converging Themes Across Both Brokerages

Both Kotak Institutional Equities and Citi converge on several common themes in their assessments of Vedanta Aluminium. A structural supply deficit in the global aluminium market, volume growth momentum, and cost reduction initiatives emerge as shared pillars of the bullish thesis. While Kotak focuses on backward integration and deleveraging, Citi emphasises the aluminium price trajectory and LME-linked benefits, together presenting a multi-dimensional investment case for the company.