Anil Agarwal faces key vote for plan to tap Vedanta cash reserves

Shareholders of Indian unit Vedanta Ltd. will on a company plan to move money out of its reserves and into its balance sheet, increasing the probability that the funds will be used for dividends

Billionaire Anil Agarwal’s Vedanta Resources Ltd. will seek shareholder approval next week for a plan that could shore up cash flow and help boost bonds due next year, even as credit markets signal longer-term concern about its debt.
 

Shareholders of Indian unit Vedanta Ltd. will vote Oct. 11 on a company plan to move money out of its reserves and into its balance sheet, increasing the probability that the funds will be used for dividends.

Dividends from the unit have become a major source of funds recently for the London-based parent to repay its debt. If Vedanta Resources does get