Vedanta’s dollar bonds were higher by up to 2 points, recouping some of its losses earlier this week. Hindustan Zinc said that the acquisition of Vedanta’s offshore zinc asset was “approved by the Board of Directors”. It added that the proposed transaction was an attractive opportunity for Hindustan Zinc to grow and increase its overseas foothold. The approvals are subject to receiving regulatory approvals, including shareholders’ approval. Vedanta’s dollar bonds had fallen by 4-6% after the government’s nominees on the board of Hindustan Zinc strongly opposed the plan. Hindustan Zinc added that despite objections by some government representative board members, the company went ahead with an announcement to the stock markets.
Vedanta’s 6.125% 2024s\ were up 1.7 points to 74.94, yielding 27.8%.
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