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Vedanta Resources’ dollar bonds rallied across the curve with its 6.125% bonds due August 2024s up over 7% to currently trade at 71.8. This comes despite the conglomerate’s outlook being revised to negative by S&P citing increased refinancing risks. Twin Star Holdings, one of the promoters of Vedanta Ltd. sold a 4.1% stake in the company at a price of INR 258.55/share ($3.1) helping raise about $481mn. Copthall Mauritius Investment and SocGen were the buyers of these shares. Vedanta Resources has already paid off $2bn of its overall $4.2bn in debt payments due in the current fiscal year.
Its 13.875% bonds due January 2024 are trading at 93.74 cents on the dollar