Vedanta’s planned sale of its offshore zinc assets to Hindustan Zinc has hit a roadblock after the government said that it would block the sale of the zinc manufacturing unit. Government representatives who were on Hindustan Zinc’s board have argued against the plan and “will explore all legal avenues available”. S&P earlier said that Vedanta flagged earlier this month that the company’s debt scores may “come under pressure” if it is either not able to raise $2bn and/or sell its international zinc assets. A shareholder meeting to approve the deal is yet to be announced, post which more details of the proposed sale will be announced.
Vedanta’s 8.95% 2025s were lower by 2.7 points to 73.27, yielding 26.7%.
For the full story, click here