Vedanta raises USD 1.4 billion to retire debt
Vedanta raises USD 1.4 billion to retire debt
Promoters of Vedanta Ltd have pledged their holding in the company to raise USD 1.4 billion, mostly for repaying the debt that was coming up for maturity.
In a stock exchange filing, Vedanta said its promoters raised USD 1 billion debt by issuing equivalent notes to Citicorp International Ltd.
Separately, a unit of Vedanta Resources will issue USD 400 million in notes to an entity under Oaktree Capital Group.
The notes in both cases will be partly secured by shares in Mumbai-listed unit Vedanta Ltd.
The funds raised from Citicorp will be used to fund the tender offer for any and all of Vedanta Resources Limited s (VRL) outstanding USD 900 million 8.25 per cent bonds due 2021, the company said in the filing.