Vedanta Resources

UK-based Vedanta Resources, the parent of India's Vedanta, has raised USD 800 million from global investors through a new bond issue. The proceeds will be used to prepay the company's outstanding debt due in 2028. Vedanta Resources Finance II PLC (VRF) said in a Singapore exchange filing that it has raised USD 800 million by issuing new bonds. The issue comprises two tranches of bonds -- one with an aggregate principal amount of USD 300 million of 10.25 per cent bonds due in 2028 and the other involving an aggregate principal amount of USD 500 million of 11.25 per cent bonds due in 2031. The bids were received from existing as well as new set of investors across Asia Pacific, Europe, the Middle East and Africa (EMEA), and the US with more than 90 per cent participation from asset/fund managers across both tranches. As per VRF's stock exchange notification, the final allocation of the bonds includes 32 per cent from Asia, 36 per cent from EMEA, and 32 per cent from US for the bonds

Citigroup, Barclays, Deutsche Bank, JPMorgan, and Standard Chartered Bank were the joint global coordinators and lead managers for Vedanta's dollar bond

Vedanta Resources Finance II Plc's notes due in April 2026 have climbed nearly to par, after touching a low of about 60.4 cents in January

India Inc. will likely continue to tap the dollar bond market in the long run, given the strong demand for high-yield papers

Anil Agarwal, in a shareholder message, highlights doubling of capacities across its key businesses

Debt at Vedanta Resources - the parent firm of the Mumbai-listed mining conglomerate Vedanta Ltd - has been cut by USD 4.7 billion in two years as financial discipline helped deleverage the group, its chairman Anil Agarwal said. In a letter to shareholders, he said Vedanta Ltd delivered its highest-ever EBITDA of Rs 20,639 crore in the first half of the current fiscal year as a result of "focus on achieving higher production levels, driving operational excellence, and successfully navigating a dynamic global environment". Vedanta's aluminium and zinc production volumes have reached record levels. "In the near future, we are aiming to double the production levels at our subsidiary, Hindustan Zinc Ltd, increase oil production at Cairn Oil & Gas to 3 lakh barrels of oil equivalent per day, and increase the capacity at our aluminium smelter to 3 million tonnes per annum," he said. Additionally, Vedanta remains committed to becoming a greener and more sustainable company by producing ..

Vedanta Resources Ltd has said it paid USD 869 million to bondholders in October to redeem bonds three to four years ahead of maturity. The repayments are part of a larger liquidity management exercise under which Vedanta Resources Finance II PLC (VRF) -- a wholly-owned subsidiary of Vedanta Resources Ltd -- is repaying bonds with a higher interest rate to save on interest costs. VRF has repaid USD 869 million to bondholders holding 13.875 per cent bonds due in 2027 and 2028, respectively. According to the company's various Singapore exchange filings, the payments were made in multiple phases during October. For the 13.875 per cent bonds due in 2027, the company repaid USD 470 million, as per filings on October 4 and October 9. As per VRF's exchange filing, with the repayment on October 4, the 2027 bonds have been fully redeemed and are no longer outstanding. Similarly, the company has repaid USD 399 million to those holding its 13.875 per cent bonds due in 2028. As per a Septem

Mining giant Vedanta Ltd on Friday reported a rise in production of aluminium, zinc and iron ore in the September quarter. However, the production of steel, mined metal overseas and oil and gas dropped during the quarter. The aluminium output grew 3 per cent to 6,09,000 tonnes in the second quarter compared to the same period last year, Vedanta said in a filing to BSE. At Zinc India, the saleable metal output grew to 2,62,000 tonnes from 2,41,000 tonnes. While at Zinc International the mined metal output dropped by 34 per cent to 44,000 tonnes, from 66,000 tonnes in the second quarter. Meanwhile, oil and gas output dropped 22 per cent to 1,04,900 boepd (barrels of oil equivalent per day), average daily gross operated production during the quarter from 1,34,100 boepd a year earlier. The production of saleable iron ore rose to 1.3 million tonnes from 1.2 million tonnes in the year-ago period. The total saleable steel production dropped 22 per cent to 2,96,000 tonnes and power sale

Vedanta Resources, the parent firm of mining conglomerate Vedanta Ltd, on Wednesday raised USD 900 million in its first dollar bond issue in more than two years to prepay existing bonds. In a statement, the firm said it has raised UDS 900 million at a coupon rate of 10.875 per cent in the five-year US dollar-denominated bond. "The net proceeds from the offering of the bonds will be used to repay certain of Vedanta's existing bonds (including any accrued interest thereto) and to pay any related transaction costs in connection thereto," it said. This is the first US dollar bond issued by Vedanta since February 2021. The bond received final orders of USD 1.45 billion from investors across the globe representing an oversubscription of over 1.6 times, reinforcing the confidence of these investors in the Vedanta story, the statement said. "The final allocation of the bonds represented the broad-based support which Vedanta enjoys, including 41 per cent from Asia, 24 per cent from EMEA an

The conglomerate looks to start production from its Zambia mines by FY25 end, with plans to supply the Indian market

Shares of the Mumbai-listed Vedanta closed at Rs 447, up Rs 16.4, or 3.8 per cent over the previous day's close

S&P Global Ratings on Thursday said it has upgraded the rating of mining conglomerate Vedanta Resources Ltd to 'B' from 'CCC+' on improving capital structure and liquidity. "We believe Vedanta Resources Ltd has sufficient internal resources to meet debt maturities until December 2025, following recent funds raised and improved dividend capacity at its subsidiaries," S&P said in a statement. The company, which is the parent firm of Mumbai-listed Vedanta Ltd, has adequate internal funds to meet USD 1.4 billion of debt maturities due by the end of 2025. S&P Ratings gave a stable outlook on Vedanta's rating. "We raised our long-term issuer credit rating on Vedanta Resources as well as the issue ratings on its senior unsecured bonds to 'B-' from 'CCC+'," it said. "The stable outlook reflects our view that the company will proactively address the maturity of USD 1.2 billion of debt in April 2026, with clarity over these plans by early 2025." The company raised about USD 500 ...

The miner, owned by billionaire Anil Agarwal, had in November 2023 regained control of the copper mines and smelter

Vedanta Resources will sell the stake through its unit Finsider International, which held a 2.63 per cent stake in Mumbai-listed Vedanta

Vedanta Resources, whose debt stood at $6 billion as of March 2024, has been grappling with a host of rating downgrades since last year as analysts flagged liquidity issues and high default risk

Agarwal is also planning to split the group into six listed companies by March 2025 to unlock value

Vedanta Resources owns an 80% stake in the mining firm

The Zambian government owns 20% of KCM through state firm ZCCM-IH

The Indian miner raised funds via non-convertible debentures thrice in fiscal year 2024, the latest being in December last year for 3,400 crore rupees

Davis, who was named as president for strategy at Vedanta Resources Ltd. last year, was working closely with the group's lenders and shareholders