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Vedanta Resources has pledged nearly its entire equity holdings of Vedanta Ltd. held by direct and indirect subsidiaries. The subsidiaries include Twin Star Holdings, Finsider International, Welter Trading, Vedanta Holdings Mauritius, Vedanta Holdings Mauritius II and Vedanta Netherlands Investments BV. The promoter group companies currently hold 64% of the Indian listed subsidiary Vedanta Ltd.
Separately, Creditsights has come out saying that Vedanta Resources’ dollar bond extension plan is “now more attractive”. The research company said, “Investors can pick up an additional 200bp compensation if consents are provided by the early consent date, which is 27 December, 2023”. They added that its bonds due 2024 and 2025 could see an upside of 4-8 cents on the dollar upon a successful bond restructuring. Further, they noted that the increased coupons as part of the restructuring could lead to a $133mn interest outlay.
Its dollar bonds were trading lower with its 13.875% 2024s down 1.2 points to 89.23 cents on the dollar.