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 August 2024. According to the latest deal discussions, JPMorgan and StanChart may extend a refinancing “limit of $1.5 billion each" for Vedanta Resources, said the first person. Vedanta Resources has initiated talks with bondholders to help address the company’s bond maturities of about $3 billion, including $1 billion in January 2024," said a Friday report by S&P Global Ratings.

India London Debt Billion Refinancing Vedanta Jpmorgan Chase Vedanta Resources Vedanta Ltd Stanchart Resources Bonds  million  jpmorgan  refinancing  stanchart  billion  vedanta  units  resources  bonds  debt  deal  nears

History of this topic

Explained: Why Vedanta share price jumped over 6% today
2 weeks, 5 days ago

Explained: Why Vedanta share price jumped over 6% today

India Today  

Shares of Vedanta Ltd. surged over 6% on Friday, reaching a high of Rs 505.45 on the Bombay Stock Exchange. The rise came after the mining company informed stock exchanges about the release of encumbrance over its equity shares by its parent, Vedanta Resources, and its subsidiaries, including Twin Star Holdings, Welter Trading Limited, and Vedanta Holdings Mauritius. The bond …

Vedanta Resources postpones planned dollar bond offering: Report
1 month ago

Vedanta Resources postpones planned dollar bond offering: Report

Live Mint  

MUMBAI - Vedanta Resources has postponed its planned issue of dollar bonds on concerns that U.S. prosecutors' allegations against Adani group firms could push up borrowing costs for Indian firms, two sources aware of the matter said on Thursday. Vedanta decided to push fund raising plans through the dollar bond route and would likely prefer to wait and watch till …

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 promoter to sell 2.5% stake in couple of weeks
6 months ago

Vedanta promoter to sell 2.5% stake in couple of weeks

New Indian Express  

NEW DELHI: Billionaire Anil Agarwal-led Vedanta Resources is reportedly planning to sell a 2.5% stake in Indian listed firm Vedanta Ltd through block deals in the next couple of weeks. Finsider International, which is part of Vedanta Resources, sold more than 6.55 crore Vedanta shares at Rs 265.14 apiece for Rs 1,700 crore. In the last two years, Vedanta Resources, …

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 …

Vedanta Slips Nearly 5% After Moody's Cuts Rating On Vedanta For Second Time; Know Why
11 months, 2 weeks ago

Vedanta Slips Nearly 5% After Moody's Cuts Rating On Vedanta For Second Time; Know Why

News 18  

Shares of Vedanta Limited fell 5 per cent to Rs 253 in early trade on January 10 after Moody’s Investors Service downgraded the company’s corporate family rating and senior unsecured bonds. The rating agency downgraded Vedanta Resources’ CFR to Caa3 from Caa2 and its senior unsecured bonds to Ca from Caa3, while maintaining its negative rating outlook. Vedanta Resources is …

Anil Agarwal's Vedanta donated ₹155cr to political parties this fiscal: Report
11 months, 4 weeks ago

Anil Agarwal's Vedanta donated ₹155cr to political parties this fiscal: Report

Hindustan Times  

Vedanta Limited has given its approval to a ₹200 crore contribution to the political parties. According to the board resolution of Vedanta, the company's chairman Anil Agarwal and vice chairman Navin Agarwal are authorised to decide the quantum of political “either directly or through electoral trust and in any form including subscription to electoral bonds”, the ET report added. Founded …

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 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. …

Vedanta hits over 1-year low after Moody's downgrades parent
1 year, 2 months ago

Vedanta hits over 1-year low after Moody's downgrades parent

Hindustan Times  

Shares of Indian conglomerate Vedanta fell to their lowest in over a year on Wednesday after Moody's Investors Service downgraded parent Vedanta Resources' senior unsecured bonds, citing a high risk of debt restructuring in the coming months. The rating agency also raised concerns about the ability of Vedanta Resources' operating subsidiaries to generate cash flow in a "softening commodity price …

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 …

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 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 …

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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