Vedanta Ltd s promoters cannot sell or create any security on shares they hold in the group as part of the terms attached to the recent USD 1.4 billion fund raising conditions which technically fall within the definition of encumbrance but no pledge on shares has been created, the company said on Wednesday.
Vedanta had on Tuesday informed stock exchanges about its promoters raising USD 1 billion debt by issuing equivalent notes to Citicorp International Ltd and another USD 400 million in notes to an entity under Oaktree Capital Group. The notes in both cases will be partly secured by shares in the Mumbai-listed unit Vedanta Ltd.
Sensex gains for 6th day, up 133 pts; Nifty ends near 14k, Bajaj Finance jumps
Premium
Benchmark indices BSE Sensex and NSE’s Nifty 50 have been on a gaining streak over the past five days. Photo: Reuters
11 min read
Share Via 30 Dec 2020, 03:37:14 PM IST
Sensex, Nifty end near day s high
Benchmark equity indices closed at the day s high on the penultimate day of 2020 led by metals and auto stocks. Markets rallied for the sixth day in a row with Sensex ending 133 points higher at 47,746, while Nifty closing near the kissing distance of 14,000 mark.
Ultratech Cement, Bajaj Finance, and Maruti were the top gainers on Sensex, while Indusind bank and Sun Pharma were the biggest laggards.
Vedanta says no pledge on shares; fund raise conditions bar promoters from share sale
SECTIONS
Last Updated: Dec 30, 2020, 07:57 PM IST
Share
Synopsis
Vedanta had on Tuesday informed stock exchanges about its promoters raising USD 1 billion debt by issuing equivalent notes to Citicorp International Ltd and another USD 400 million in notes to an entity under Oaktree Capital Group.
Agencies
The notes in both cases will be partly secured by shares in the Mumbai-listed unit Vedanta Ltd.
Related
NSE
Explore Now
Vedanta Ltd s promoters cannot sell or create any security on shares they hold in the group as part of the terms attached to the recent USD 1.4 billion fund raising conditions which technically fall within the definition of encumbrance but no pledge on shares has been created, the company said on Wednesday.
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.
Vedanta Shares Surge 13% To Hit 52-week High moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.