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Vedanta Resources in talks with lenders to raise $1 billion through foreign currency bonds: Sources

Money Control

Money Control · 11m ago

Vedanta Resources in talks with lenders to raise $1 billion through foreign currency bonds: Sources

Vedanta Resources, the parent company of Vedanta Limited, is reportedly holding discussions with lenders to raise up to $1 billion through foreign currency bonds. The company plans to refinance $600 million of existing bonds and use the remaining funds for equity infusion in existing and new businesses. Vedanta Resources has recently raised over $2 billion through stake sales in Vedanta Limited. The company aims to reduce its debt by $3 billion over the next three years, and S&P has upgraded Vedanta Resources' credit rating to B- due to improving capital structure and liquidity.

Related News

Moody's downgrades rating on Vedanta Resources' unsecured bonds

Livemint

Livemint · 1y ago

Moody's downgrades rating on Vedanta Resources' unsecured bonds

Moody's has downgraded the rating of senior unsecured bonds issued by Vedanta Resources from Caa3 to Ca. The credit rating agency also downgraded Vedanta Resources' Corporate Family Rating from Caa2 to Caa3. Moody's cited the company's unsustainable capital structure, high financial leverage, weak liquidity, and continued negative cash flow as reasons for the downgrade. They believe Vedanta will still face liquidity issues and the default risk remains high. Last week, Vedanta received bondholders' approval to restructure four series of bonds.

Vedanta plans QIP to raise Rs 8,000 crore, bankers appointed for issue: CNBC-TV18

Money Control

Money Control · 1y ago

Vedanta plans QIP to raise Rs 8,000 crore, bankers appointed for issue: CNBC-TV18

Anil Agarwal's Vedanta is reportedly planning to raise Rs 8,000 crore through a Qualified Institutional Placement (QIP) and has already appointed bankers for the proposed issue. Shareholder approval for the fund raise had been secured in June. The exact details and confirmation of this development are still pending, and Vedanta has declined to comment on market speculation. Vedanta's parent entity, Vedanta Resources, has been aiming to reduce its debt by $3 billion over the next three years. Shares of Vedanta were trading lower by over 2 percent following this news.

Vedanta's parent may sell $1 billion worth shares to GQG

Money Control

Money Control · 1y ago

Vedanta's parent may sell $1 billion worth shares to GQG

Vedanta Resources, the parent company of Vedanta Ltd, is reportedly considering selling around $1 billion worth of shares to investment firm GQG Partners. This move is seen as an effort to address the company's high debt burden, which currently stands at $6.4 billion. Vedanta is looking to improve its financial position through measures like debt restructuring and potential divestments. GQG Partners had previously increased its stake in Adani Ports and Special Economic Zone in August 2020.

Vedanta raises $250 million to settle Zambian copper mine debts, plans to sell 30% stake: Report | Mint

Livemint

Livemint · 1y ago

Vedanta raises $250 million to settle Zambian copper mine debts, plans to sell 30% stake: Report | Mint

Vedanta Resources has secured the funds needed to pay off the creditors of its Zambian copper mine, Konkola Copper Mines (KCM). The company, led by billionaire Anil Agarwal, will have approximately $250 million to settle its debts. Vedanta regained control of KCM last year after a five-year battle with the Zambian government. The company still needs to raise an additional $1 billion to revive mining operations and invest in the Konkola Deep Mining Project. Vedanta may sell a 30% stake in KCM to raise capital, while the Zambian government owns a 20% stake in the mine.

Byju's US unit files for bankruptcy in Delaware

Economic Times

Economic Times · 1y ago

Byju's US unit files for bankruptcy in Delaware

Byju's Alpha, the U.S. unit of Indian ed-tech startup Byju's, has filed for Chapter 11 bankruptcy in the U.S. court of Delaware. The filing shows liabilities in the range of $1 billion to $10 billion, with assets listed as $500 million to $1 billion. Byju's was previously valued at $22 billion but has faced challenges recently, with lenders initiating bankruptcy proceedings. The company plans to raise $200 million through a rights issue to address immediate liabilities. It has also been under scrutiny from Indian authorities for alleged foreign exchange law violations.

RBI hikes rate caps on diaspora's foreign currency deposits to attract flows

YourStory

YourStory · 8m ago

RBI hikes rate caps on diaspora's foreign currency deposits to attract flows

The Reserve Bank of India (RBI) has raised the interest rate caps on foreign currency deposits of the Indian diaspora, aiming to attract more capital flows amidst pressure on the rupee. The move comes as the rupee has hit all-time lows against the dollar, and the RBI seeks to stabilize the currency through forex reserves. Banks now have the option to raise fresh Foreign Currency Non-Resident Bank deposits of 1 to 3 years maturity at higher interest rates. The relaxation is valid until March 31, 2022. The RBI also announced the expansion of the Forex-Retail platform through linkages with Bharat Connect.

Mukesh Ambani's Reliance Retail in talks to raise $2.5 billion: Report

Livemint

Livemint · 1y ago

Mukesh Ambani's Reliance Retail in talks to raise $2.5 billion: Report

Reliance is reportedly aiming to raise $2.5 billion in a fundraise, part of its $3.5 billion target. The company recently secured $1 billion from the Qatar Investment Authority (QIA) at a $100 billion valuation. Reliance did not confirm the reports but stated they continually evaluate opportunities. Morgan Stanley is advising on the process, and potential investors remain undisclosed, although sources suggest talks with U.S.-based investors and interest from existing foreign investors and sovereign wealth funds. This investment highlights India's appeal to Western investors amidst concerns over China's economic outlook and geopolitical tensions.

Vedanta announces ₹4,000 cr dividend, plans to raise ₹8,500 cr

Livemint

Livemint · 1y ago

Vedanta announces ₹4,000 cr dividend, plans to raise ₹8,500 cr

Mining and metals major Vedanta Ltd plans to raise ₹8,500 crore ($1.17 billion) in capital through equity or debt channels. The company also declared an interim dividend of ₹11 per share, totalling ₹4,089 crore. Additionally, it announced an investment in its Saudi Arabian unit to set up a copper rod plant, citing growth opportunities in new geographies. Vedanta has a history of high dividends, driven by parent company Vedanta Resources' debt payment needs. The firm's shares have gained nearly 70% since the start of the year.

SoftBank-Backed OYO Withdraws IPO Documents

Inc42 · 1y ago

SoftBank-Backed OYO Withdraws IPO Documents

A startup recently raised $450 million through the sale of dollar bonds and is in talks to secure funding from family offices and a sovereign fund at a potentially lower valuation. This comes after the startup filed its DRHP in September to raise $1.2 billion through an initial public offering.

Vedanta block deal: 2.2% equity stake sold for Rs 2,255 crore, GQG likely buyer; stock falls

Money Control

Money Control · 1y ago

Vedanta block deal: 2.2% equity stake sold for Rs 2,255 crore, GQG likely buyer; stock falls

Shares of Vedanta Resources fell on NSE on February 15 after 8.2 crore shares changed hands in block deals. The promoters were reportedly looking to sell stake worth $1 billion in the company to investment firm GQG Partners. Around 2.2 percent equity stake worth Rs 2,255 crore in Vedanta Ltd changed hands in the transactions. The news comes as Vedanta faces substantial outstanding debt of $6.4 billion.

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