Vedanta cuts debt by $2 bn ahead of plans
1 year, 10 months ago

Vedanta cuts debt by $2 bn ahead of plans

The Hindu  

Billionaire Anil Agarwal's Vedanta Resources Ltd on Wednesday said it has slashed debt by $2 billion in the current fiscal as it looked to soothe investor concerns over ability to repay upcoming obligations. In a statement, the company said it has "deleveraged by $2 billion in the past 11 months, thus achieving half of its $4 billion 3-year debt reduction commitment in the first year alone." "Powered by robust domestic consumption in the fastest growing major economy, Vedanta is delivering healthy cash flows whilst maintaining disciplined capital allocation and has reduced net debt by $2 billion, ahead of plans for this fiscal. "During 2023-24 and 2024-25, Vedanta will continue to deleverage from net debt of $7.7 billion and plans to cover 50 per cent of FY24 liquidity requirements internally and the balance through refinancing," the Vedanta statement said.

India Debt Billion Producer Vedanta Vedanta Resources Net Debt Vedanta Ltd  billion  debt  cent  plans  producer  largest  cuts  zinc  ahead  bn  indias  statement  resources  vedanta

History of this topic

Explained: Why Vedanta share price gained 2% in early trade today
1 week, 6 days ago

Explained: Why Vedanta share price gained 2% in early trade today

India Today  

Shares of Vedanta Limited rose 2% in early trade on Thursday, driven by investor optimism following the company’s announcement of a crucial board meeting scheduled for December 16, 2024. So far in FY25, Vedanta has already announced three interim dividends: Rs 11, Rs 4, and Rs 20 per share, highlighting its consistent shareholder returns. In its official filing, the company …

Vedanta Q2 Results: Mining major posts net profit of ₹5,603 crore vs loss YoY
1 month, 2 weeks ago

Vedanta Q2 Results: Mining major posts net profit of ₹5,603 crore vs loss YoY

Live Mint  

Vedanta Q2 Results: Mining major Vedanta Ltd on Friday reported a consolidated net profit for the fiscal's second quarter ended September to ₹5,603 crore as against a net loss of ₹915 crore in the year-ago period. The firm's consolidated net profit stood at ₹4,352 crore versus net loss of ₹1,783 crore. The mining conglomerate owned by Anil Agarwal reported a …

Vedanta plans first dollar bond sale since January restructuring
3 months, 3 weeks ago

Vedanta plans first dollar bond sale since January restructuring

Hindustan Times  

A unit of Vedanta Resources Ltd.’s is planning to sell its first dollar bond since the group restructured some of its US currency notes earlier this year, signaling improved prospects for the debt-laden miner. Since the restructuring, its Indian units sold stakes and upstreamed dividends that will aid Vedanta Resources repay $3 billion of debt over the next three years. …

Vedanta to put $2.5 billion steel business sale on hold after share sale eases debt pressure: Report
4 months, 2 weeks ago

Vedanta to put $2.5 billion steel business sale on hold after share sale eases debt pressure: Report

Hindustan Times  

Vedanta Ltd has put plans to sell its steel business on hold because a $1 billion share sale gave the company increased breathing room for managing its debt, the Bloomberg reported, citing unnamed sources. The Anil Agarwal-led Vedanta had been working with advisors to sell its steel business, which includes iron-ore and manganese mines, to raise around $2.5 billion for …

Higher finance cost a drag on Vedanta’s Q3 profit
10 months, 4 weeks ago

Higher finance cost a drag on Vedanta’s Q3 profit

Live Mint  

Vedanta Ltd reported lower profit for the December quarter despite a decline in overall expenses, including for power and fuel, because of a surge in interest payments on borrowings. “Our debt as a group, including Vedanta Resources, has not gone up,” said Ajay Goel, the company’s chief financial officer. “The finance cost vis-a-vis last year has gone up significantly,” he …

Higher finance cost a drag on Vedanta’s Q3 profit
10 months, 4 weeks ago

Higher finance cost a drag on Vedanta’s Q3 profit

Live Mint  

Vedanta Ltd reported lower profit for the December quarter despite a decline in overall expenses, including for power and fuel, because of a surge in interest payments on borrowings. “Our debt as a group, including Vedanta Resources, has not gone up,” said Ajay Goel, the company’s chief financial officer. “The finance cost vis-a-vis last year has gone up significantly,” he …

S&P downgrades Vedanta Resources as company initiates bond restructuring
1 year ago

S&P downgrades Vedanta Resources as company initiates bond restructuring

Live Mint  

Mumbai: S&P Global Ratings on Thursday downgraded Vedanta Resources Plc, led by billionaire Anil Agarwal, following the company’s move to restructure $3.8 billion in corporate bonds to ease its immediate debt burden. Vedanta Resources has offered an upfront payment of 53% for its $1 billion bonds due next month, extending the remainder’s maturity to January 2027. To finance the upfront …

Vedanta Secures $1.25 Bn For Debt Refinancing; S&P Downgrades Rating
1 year ago

Vedanta Secures $1.25 Bn For Debt Refinancing; S&P Downgrades Rating

News 18  

Vedanta Resources Ltd, the UK-headquartered parent company of Vedanta group, said it has secured a USD 1.25 billion loan from private credit lenders to refinance/repay part of the USD 3.2 billion debt maturing in 2024 and 2025, but this did not prevent S&P Global from downgrading its ratings. “We view Vedanta Resources’ proposed liability management exercise involving three of its …

Vedanta may lose third CFO amid restructuring reports, stock tanks around 3%
1 year, 2 months ago

Vedanta may lose third CFO amid restructuring reports, stock tanks around 3%

Live Mint  

Vedanta Ltd is likely to lose its third chief financial officer in as many years just as the mining conglomerate controlled by billionaire Anil Agarwal heads into an ambitious restructuring of its businesses, according to a report published by Bloomberg. People familiar with the matter, on the condition of anonymity, said that Sonal Shrivastava who joined the company in June …

Vedanta Q2 aluminium production rises 2% YoY to 5.94 lakh tonnes
1 year, 2 months ago

Vedanta Q2 aluminium production rises 2% YoY to 5.94 lakh tonnes

Live Mint  

Vedanta Ltd reported a 2% rise in its total aluminium production to 5,94,000 tonnes in the second quarter of FY24. At Zinc International, Vedanta said its total mined metal output declined by 10% to 66,000 tonnes from 74,000 tonnes, year-on-year. The company's overall production during Q2FY24 at 66 kt was lower by 10% YoY and 3% QoQ largely due to …

Vedanta Resources nears $3 billion refinancing deal
1 year, 2 months ago

Vedanta Resources nears $3 billion refinancing deal

Live Mint  

Billionaire Anil Agarwal’s Vedanta Resources Plc is in advanced talks with JPMorgan Chase and Standard Chartered Bank to secure a $3 billion refinancing facility to stave off a default, people familiar with the development said. Vedanta Resources Finance II Plc’s $1 billion dollar bonds are maturing on 21 January 2024, while Vedanta Resources’ $951 million bonds are maturing on 9 …

Vedanta plans zinc business shake-up as debt payment looms
1 year, 2 months ago

Vedanta plans zinc business shake-up as debt payment looms

Hindustan Times  

Billionaire Anil Agarwal is exploring an overhaul of his lucrative Indian zinc unit that could split out its three core businesses, as part of the wider Vedanta group’s efforts to reduce a multibillion dollar debt load. Vedanta chairman Anil Agarwal Hindustan Zinc Ltd. said in a statement that it could create separate legal entities for its zinc & lead, silver, …

Vedanta Tanks 6%, Hits 52-Week Low After Moody's Rating Downgrade
1 year, 2 months ago

Vedanta Tanks 6%, Hits 52-Week Low After Moody's Rating Downgrade

News 18  

Vedanta Shares Decline: Shares of Vedanta tumbled 6.25 per cent to Rs 210 apiece on the BSE on Wednesday after Moody’s Investors Service downgraded the corporate family rating for Vedanta Resources Limited to ‘Caa2’ from the earlier ‘Caa1.’ In the past three months, Vedanta stock has slipped 24 per cent as against 5 per cent rise in the benchmark Sensex. …

Stocks to Watch: Tata Motors, Cipla, Infosys, Zee Ent, Vedanta, Sun Pharma, and Others
1 year, 3 months ago

Stocks to Watch: Tata Motors, Cipla, Infosys, Zee Ent, Vedanta, Sun Pharma, and Others

News 18  

Stocks to Watch on September 15: GIFT Nifty on the NSE IX traded 11.5 points, or 0.06 per cent, higher at 20,229, signaling that Dalal Street was headed for positive start on Friday. Sun Pharma: LIC on Thursday said it has sold 2 per cent of its holding in Sun Pharma for Rs 4,699 crore via open market sale. Vedanta …

Vedanta Q4 Results: Net Profit Tanks 57 Per Cent To Rs 3,132 Crore, Revenue Dips 5 Per Cent
1 year, 7 months ago

Vedanta Q4 Results: Net Profit Tanks 57 Per Cent To Rs 3,132 Crore, Revenue Dips 5 Per Cent

ABP News  

Vedanta Ltd on Friday logged 57 per cent drop in March quarter net profit on weakness in aluminium business and write-offs. The company's consolidated net profit of Rs 3,132 crore in January-March is compared with Rs 7,261 crore net earning in the same period a year back, according to a stock exchange filing by the company. Revenue declined 5 per …

Vedanta clears loans due till April, cuts debt by $1 bn more
1 year, 8 months ago

Vedanta clears loans due till April, cuts debt by $1 bn more

Live Mint  

New Delhi: Anil Agarwal-promoted Vedanta Resources Ltd, the parent company of Vedanta Ltd, announced on Monday that it has paid off all maturing loans and bonds due in April, reducing its gross debt by an additional $1 billion. Vedanta Resources Ltd has $500 million bonds maturing in May and another $1 billion bond due in January 2024. The group has …

Vedanta pledges more Hindustan Zinc stake for loan
1 year, 8 months ago

Vedanta pledges more Hindustan Zinc stake for loan

Live Mint  

Billionaire businessman Anil Agarwal-owned Vedanta Ltd, the promoter of Hindustan Zinc Ltd, has pledged 2.44% more shares of the latter as collateral to avail a term loan of ₹1,500 crore. The latest pledge of 103.24 million promoter shares, executed on 17 April, has increased the total amount of HZL’s shares pledged to 59.3% from 55.87% in March 2022, according to …

Vedanta says stake sale talks baseless; shares tumble
1 year, 9 months ago

Vedanta says stake sale talks baseless; shares tumble

Live Mint  

Indian billionaire Anil Agarwal-led Vedanta Ltd said on Thursday that talks of any stake sale in the mining major was "untrue and baseless", reported Reuters, after a media report that the tycoon was weighing selling less than 5% stake in the company. Agarwal is studying options including selling a minority stake in Vedanta as he looks to shrink his commodities …

Vedanta’s Anil Agarwal said to weigh stake sale as last-resort option
1 year, 9 months ago

Vedanta’s Anil Agarwal said to weigh stake sale as last-resort option

Live Mint  

Indian tycoon Anil Agarwal is studying options including selling a minority stake in Vedanta Ltd. as he looks to shrink his commodities business empire’s massive debt load, according to people familiar with the matter. Agarwal’s Vedanta Resources Ltd., which owns about 70% of Vedanta, has been in talks with at least three banks for a loan of as much as …

Why Vedanta share price is nosediving — explained
1 year, 9 months ago

Why Vedanta share price is nosediving — explained

Live Mint  

Vedanta share price has been nosediving for last four straight sessions. Vedanta share price today opened lower on fourth day in a row and hit intraday low of ₹261.95 apiece on NSE, logging around 13.50 per cent dip in this time. According to stock market experts, Vedanta shares are under sell off pressure due to negative sentiments after the road …

Vedanta must take care not to sound like India’s next Adani
1 year, 9 months ago

Vedanta must take care not to sound like India’s next Adani

Live Mint  

Highly leveraged Indian tycoons are having a rough time. Anil Agarwal’s once-London-listed Vedanta Resources has a pile of debt, including a $1 billion bond due January. Around this time last year, when the US Fed was still to begin raising interest rates to tame inflation and Russia’s war in Ukraine had started to send commodities surging, Agarwal was toying with …

Vedanta Q3: PAT decline by 42% to ₹3,092 cr , declares dividend of ₹12.5
1 year, 10 months ago

Vedanta Q3: PAT decline by 42% to ₹3,092 cr , declares dividend of ₹12.5

Live Mint  

Vedanta Ltd on Friday reported 42 per cent decline in consolidated net profit to ₹3,092 crore for the December 2022 quarter. I am also happy to share that Vedanta and Hindustan Zinc Limited Boards have taken strategic initiative to consolidate Zinc International under Hindustan Zinc. It will be a win-win transaction, unlocking significant value for both Vedanta Limited and Hindustan …

Vedanta to sell its international zinc business to Hindustan Zinc: Report
1 year, 11 months ago

Vedanta to sell its international zinc business to Hindustan Zinc: Report

Hindustan Times  

Anil Agarwal-promoted Vedanta on Thursday said it will sell Zinc International assets to Hindustan Zinc for a cash consideration of USD 2,981 million. The Vedanta's board approved the sale of Zinc International assets held by THL Zinc Ventures Ltd, a direct wholly-owned subsidiary of the metals and mining major. The assets held THLZV through THL Zinc Ltd comprising shares held …

Vedanta to sell Zinc International assets to Hindustan Zinc for $2.98 bn
1 year, 11 months ago

Vedanta to sell Zinc International assets to Hindustan Zinc for $2.98 bn

Live Mint  

Anil Agarwal led Vedanta Ltd on Thursday informed that the company will sell its Zinc International assets to Hindustan Zinc Limited for cash consideration $2,981 million. The company's board of directors in a meeting held on 19 January approved the sale of its Zinc International assets held by THL Zinc Ventures Ltd, wholly owned subsidiary of Vedanta, through THL Zinc …

Vedanta looking to raise up to $3 billion in debt for semiconductor plans
2 years, 7 months ago

Vedanta looking to raise up to $3 billion in debt for semiconductor plans

Live Mint  

India's Vedanta is in talks with banks to raise debt of $2.5-$3 billion to bolster its semiconductor and display manufacturing plans, as it races to become the country's first chipmaker, a top company official told Reuters on Saturday. Vedanta is seeking incentives from Prime Minister Narendra Modi's federal government and is also in talks with several Indian states. We are …

Vedanta Resources Will Not Fund Deal with Bharat Petroleum, says Founder Anil Agarwal
2 years, 10 months ago

Vedanta Resources Will Not Fund Deal with Bharat Petroleum, says Founder Anil Agarwal

News 18  

Vedanta Ltd.’s possible acquisition of state-run Bharat Petroleum Corporation Ltd will not be done using its parent company’s fund. A day after the mining firm announced its plan to set up specific funds with strategic investors for the deal, the company’s founder and chairman Anil Agarwal has emphasized that Vedanta Resources’ funds will not be utilized for the acquisition. Agarwal …

Vedanta Resources sounds out bondholders on debt extension
4 years ago

Vedanta Resources sounds out bondholders on debt extension

Live Mint  

Vedanta Resources Ltd. has begun sounding out debt holders about the possibility of extending maturities on some of its dollar bonds to reduce refinancing pressures. The mining giant started approaching the investors to discuss possible debt extensions after the company’s failed attempt to delist its India unit, Vedanta Ltd., people familiar with the matter said. Pressures are mounting at London-based …

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