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According to the sources, Vedanta Resources is said to increase the cash offer from 50% of the outstanding principal to 60% for the holders of the 13.875% 2024s. The remainder is likely to be extended. The notes are guaranteed by the group’s subsidiaries. The sources added that it is unclear whether Vedanta would also increase the cash payment originally planned for its 8.95% bonds due March 2025 and repay its 6.125% bonds due August 2024. As reported earlier, Vedanta has been exploring various strategies like raising a loan, restructuring of its different businesses, stake sale, etc. to reduce its debt burden. The company has $2bn of debt that will mature over the next year.
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