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Vedanta Resources is in the midst of finalizing a $2.5bn fundraising plan for debt repayments, as per sources. They noted that the company plans to achieve this using a combination of instruments like issuing preference shares and taking a loan. It is also looking to sell a part of its 63.71% stake in Vedanta Ltd, the Indian subsidiary, they said. Earlier it was reported that, Vedanta Resources was exploring different strategies like, demerging its India business into six different companies, restructuring of debt to fulfil its debt obligations. According to the company’s spokesperson, Vedanta continues to work on refinancing of upcoming maturities, however the outcome of the exercise remains unknown. Vedanta has $1bn of bonds maturing in January 2024, followed by $950mn of bonds maturing in Aug 2024.
Vedanta’s dollar bonds traded mixed with its 6.125% 2024s bond trading at 89 cents on the dollar.
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