Vedanta Resources’ dollar bonds were higher by up to 1 point as the company announced that it has cut its net debt by $2bn in the current financial year, faster than its initial expectations. It added that it has achieved half of its 3Y planned debt reduction commitment of $4bn in the first year already. Furthermore, Vedanta said it plans to cover 50% of its FY 2024 liquidity requirements internally and the remainder through refinancing. Vedanta said it will continue to deleverage from its current net debt of $7.7bn over the next two financial years.
Its 8.95% 2025s were up 0.92 points to 75.4 cents on the dollar, yielding 24.9%.
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