SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Vedanta’s Chairman Anil Agarwal revealed plans to invest $20bn to expand capacity in India adding that they are evaluating privatization of BPCL, Shipping Corporation and Hindustan Copper, if it comes. He said that the financing is not an issue as they floated a fund for $10bn and received a ‘tremendous response’ including from sovereign wealth funds. Business Standard reported in February that Vedanta has teamed up with global investment firm Centricus for the $10bn fund focused on government divestments. Regarding delisting Vedanta Ltd., he clarified that their shareholding has gone up from 51% to 66% and as the shareholders were on his side, they have no plans to delist. Also, when asked about debt, Agarwal said that they have the lowest debt in the corporate sector with profits of $7-8bn and debt of around $12bn at the parent company. He said, “We have invested almost $50 billion to create assets, which have huge value. We are looking to invest $20 billion to expand our capacity”.

Vedanta dollar bonds were stable – its 8.95% 2025s were at 100.01, yielding 8.94%

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