Shares of Vedanta Ltd slipped 3% on 15 February after 8.2 crore shares of the company changed hands via a block deal.

Around 8.2 crore shares representing 2.2% equity of the company changed hands on the exchanges for a total deal value of Rs 2,255 crore.

The buyers and sellers involved in this deal are yet to be identified.

The news of the block deal hit the exchanges at a time when the company was facing around $6.4 billion in outstanding debt, which included a $4.5 billion payment due by fiscal year 2025.

Over the last year, foreign portfolio investor GQG Partners has consistently increased stakes in other Indian companies, including GMR Airport Infrastructure and Adani Ports.

In its quarterly report for October-December, the company reported a 7% year-on-year decline in its net profit to Rs 2,868 crore for the quarter from Rs 3,092 crore reported in the same quarter last year.

The revenue from operations during the quarter stood at Rs 34,968 crore, marking a 4% YoY increase from Rs 33,691 crore reported in the same quarter of the previous fiscal year.

The company has also announced an interim dividend of Rs 11 per share for the current fiscal year.

At 11:15 am, Vedanta shares were trading 1.41% lower at Rs 275.70 on NSE.