Digital Assets in Capital Markets

Advanced course on digital assets - assets created using a blockchain/DLT network - designed for finance professionals.

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15 November 2022 (Tuesday) | 9am-5pm

Preliminary talks have begun for a potential merger of Vedanta Resources with its Indian unit Vedanta Ltd as per sources. While the founder and Chairman Anil Agarwal did not make any comment, a representative for Vedanta said there is “no plan” for a merger between the two. As of December 2021 Vedanta Resources owned ~70% of Vedanta Ltd. with the parent company raising its stake in the Indian subsidiary since the failed delisting of the latter in October 2020 when its stake was ~50%. Vedanta Ltd. reported its Q3 earnings with net profits rising 27% YoY to INR 42bn ($560mn) on the back of strong commodity prices and high zinc sales volume. Operating revenues rose 50% YoY to INR 337bn ($4.5bn). It also reported its highest-ever quarterly EBITDA, up 42% YoY at INR 109bn ($1.5bn) with an EBITDA margin 37%. Gross debt reduced 15% YoY and net debt by 22% to INR 276bn ($3.7bn) mainly due to deleveraging at its Indian Zinc and Aluminium business. Cash and equivalents were at INR 252bn ($3.4bn) as of December 31.

Vedanta’s dollar bonds were trading stable with its 9.25% 2026s at 90.13, yielding 12.3%.

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