Vedanta has pledged a 5.77% stake in Hindustan Zinc to secure a term loan of INR 80bn ($1.02bn). This comes just days after the Cabinet Committee on Economic Affairs (CCEA) approved the government’s 29.5% stake sale in Hindustan Zinc. Vedanta is the majority holder in Hindustan Zinc with a 64.92% stake. Vedanta has been active in the markets of late – a week earlier, Vedanta availed a lending facility worth $500mn from SBI as per an exchange filing. During the same time, it also conducted a tender offer up to $500mn for its 6.375% dollar bonds due 2022. Also, Reuters cited that Vedanta Ltd., the Indian subsidiary was in talks with banks to raise $2.5-3bn in debt, to boost its semiconductor and display manufacturing plants.

Vedanta’s dollar bonds were trading higher with its 6.125% 2024s up 0.9 points to 80.79 cents on the dollar.

For the full story, click here

Show Buttons
Hide Buttons