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Vedanta eased some of its liquidity woes as Hindustan Zinc, ~65% owned by Vedanta, announced another dividend, this time of INR 109.9bn ($1.3bn) on Tuesday. This will help the Anil Agarwal-led company address some of its upcoming debt obligations, most notably:
The dividend payment, the fourth for this year, is unusual for Hindustan Zinc, which paid one dividend all of the previous financial year and two in the financial year prior to that. This comes after the Indian government said it will block Vedanta’s sale of mining assets to Hindustan Zinc. Most recently, the company was downgraded to Caa1 by Moody’s last week on increased refinancing risks.
Vedanta’s 8% bonds due next month rose by 2.4 points to 95.6 currently.
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