Vedanta Resources saw its gross debt drop by $1bn in the previous quarter, as per an exchange filing on Monday. Vedanta has committed to reduce its gross debt by $4bn over the next three financial years. Its total net debt stood at $8.8bn at the end of June. It said that that it raised about $1bn in the quarter ended June that included $700mn from Indian banks. With the reduction in debt, it said that liabilities were in a better position to be addressed. Being a prominent high yield issuer from India, Vedanta’s dollar bonds are yielding in excess of 20%. With India’s new imposition of a windfall tax on oil and fuel producers and refiners who have increased exports.
Vedanta’s dollar bonds were flat with its 9.25% 2026s at 60.5 cents on the dollar.
