Vedanta Ltd. is said to have asked Barclays to syndicate an INR 15bn ($183mn) loan to repay existing debt, for capital expenditure, general corporate purposes as well as related expenses. As per ET, the loan will have a first exclusive charge over the fixed assets of Vedanta’s Tuticorin plant in Tamil Nadu and an exclusive pledge over Hindustan Zinc shares. Vedanta is also said to be in talks with JPMorgan Chase and StanChart for a syndicated dollar-denominated loan. Earlier last week, there was news that Vedanta Resources’ subsidiary Zinc International was in talks with international banks to raise $1.25bn via a loan, with the parent standing as a guarantor.
Vedanta’s dollar bonds were among the biggest gainers last week, rising by over 6-7%.
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