India s Vedanta Ltd, a subsidiary of Vedanta Resources, has raised 25 billion rupees through the sale of bonds maturing in 18 months at sharply higher rates, three merchant bankers said on Friday..
India Business News: Indian company Vedanta Ltd, a subsidiary of Vedanta Resources, has raised INR 25 billion ($301.06 million) through the sale of bonds with an 18-month
The rate is sharply higher than what the company had paid for a 15-month bond issue in December, when it had raised 8 billion rupees and the coupon was linked to 91-day Treasury bill yield, which then worked out to around 8.79%.
Vedanta Ltd, the Indian subsidiary of Vedanta Resources, has raised ₹2,500 crore through non-convertible debentures with an interest rate of 12%. The funds will be used for capital expenditure or loan repayment. Vedanta Resources, the parent company, has been downgraded by S&P Global Ratings due to debt issues and a funding gap of $600 million.