Page 2 - Vedanta Ltd

Anil Agarwal-led Vedanta's board approves fundraise of up to Rs 8,500 cr

This is the second time that the company is raising funds in the current fiscal year. Last month, it said it would raise up to $300 million through debt securities

Vedanta soars 8%, hits 23-month high on heavy volumes; zooms 45% in 4 weeks

CLSA has upgraded the company's rating to 'buy' with an increased target price of Rs 390

Vedanta debt to be divided among demerged companies in ratio of assets

Mining conglomerate Vedanta Ltd is on track for the demerger of its key businesses, including aluminium, into separate listed companies and allocation of debt across the demerged entities would be done in proportion to their assets, sources familiar with the matter said. Vedanta is in advanced stages of engagement with its lenders on the issue, and the process has proceeded smoothly, they said. There is clarity about the allocation of debt across entities after the demerger. "The debt will get divided amongst the resulting demerged entities in the ratio of assets getting allocated to them as per the prescribed rules and regulations," a senior company official said at a recently concluded investor event. Citing the example of Vedanta Aluminium, the official said the debt that would get allocated to the company would be in direct proportion to the book value of the assets held by it. This is to ensure that the transaction is tax-neutral. Vedanta had in September last year announced t

Vedanta Resources to deleverage debt by $3 billion over 3 years: Official

Vedanta Resources, the parent firm of Mumbai-based mining conglomerate Vedanta Ltd, does not foresee a rollover of its loans and plans to deleverage as much as USD 3 billion debt over the next three years, a senior official said at an analyst meeting. "Deleveraging is our priority. We would be deleveraging the debt of Vedanta Resources by USD 3 billion over the next three years. Vedanta Ltd's cash flow pre-growth capex is estimated to be USD 3.5-4 billion for the financial year 2025, sufficient for secured debt maturities of USD 1.5 billion," said Navin Agarwal, Vice Chairman, Vedanta Ltd and member of Promoter Group, at a recently concluded analysts' meet, according to analysts who attended the meeting. The financial year 2025 maturities of USD 1,100 million and close to USD 750 million of interest servicing would be managed through brand fees, dividends from operating companies, asset monetisation and other strategic initiatives. "Vedanta is a dynamic organisation that continuousl

Vedanta's demerger process to be completed in next 9-12 months: Official

Vedanta is working "actively" for demerger of its key businesses, including aluminium, into separate listed companies and the process is likely to be completed in next nine to 12 months, a top official of the company said. Billionaire Anil Agarwal-owned Vedanta Ltd had last year announced creation of independent verticals through demerger of its metal, power, aluminium, and oil and gas businesses to unlock potential value. In an interview to PTI, John Slaven, CEO of aluminium business of Vedanta, said, "We are working very actively in securing the successful demerger of the aluminium business." The process for the demerger is currently underway and is subject to a number of approvals from various authorities, he added. "We also need approval from our current lenders in the allocation of debt across the various entities that will be separated. So that's playing out at the moment. It's not directly within our hands. So unfortunately I'm not in a position to tell you categorically whe

Vedanta Q3FY24 results: Net profit falls over 18% to Rs 2,013 crore

Vedanta Q3 results: The revenue of the company was up 4 per cent to Rs 34,968 crore during the quarter

Vedanta's aluminium production rises to 599,000 tonnes in Oct-Dec quarter

Vedanta Ltd on Wednesday said its total aluminium production rose 6 per cent to 5,99,000 tonnes in the third quarter of the current financial year. The company's aluminium output stood at 5,66,000 tonnes in the year-ago period. At Zinc International, the total mined production declined 40 per cent to 41,000 tonnes in the December quarter compared to 69,000 tonnes in the year-ago period. In a regulatory filing, Vedanta said its production of saleable iron ore in Karnataka was flat at 1.4 million tonnes in the third quarter of this fiscal. The production of pig iron was higher at 2,03,000 tonnes in the latest December quarter compared to 2,00,000 tonnes in the same period a year ago. According to the filing, the production of saleable steel increased 11 per cent to 3,41,000 tonnes due to improved operational efficiency and availability of blast furnaces. It was at 3,06,000 tonnes in the corresponding quarter of the previous fiscal.

Vedanta board approves raising of Rs 3,400 cr NCD for refinancing purposes

These would be secured, Unrated, Unlisted, Redeemable, NCDs of face value Rs 1,00,000/- each aggregating upto Rs 3,400 crore in one or more tranches, the company said

Vedanta Ltd to raise up to Rs 3,400 crore via non-convertible debentures

On Monday, Vedanta Ltd had announced its second interim dividend of Rs 11 per share for 2023-24

Stocks to Watch: Nestle, Zee Ent, Apollo Tyres, Sun Pharma, JTL Ind, NHPC

Stocks to Watch on December 19, 2023: Nestle set Jan 5 as the record date for its stock-split; Sony India is unlikely to extend the timeline for its merger with Zee Entertainment, reported Livemint

Vedanta Resources secures debt refinancing worth $1.25 billion: Report

Earlier on Thursday, S&P Global Ratings downgraded Vedanta Resources Ltd's long-term issuer rating and bonds from "CCC" to "CC" on potential extension of bond maturities

Tata Group and Vedanta offer lessons in India's industrial policy

Tata, at least, has already made the right start. By its own account, Tata Electronics is a "venture of the Tata group with expertise in manufacturing precision components."

Vedanta CFO Sonal Shrivastava likely to quit months after joining firm

Sonal Shrivastava, who joined the company in June, informed Agarwal about her decision to leave last month, the people said, asking not to be named as the information is not public

Vedanta starts demerger process with incorporation of base metal subsidiary

Vedanta Base Metals Ltd has been incorporated to carry out the metal business

Vedanta close to raising $3 bn from JP Morgan, Standard Chartered: Report

The money will be used to escape default on Vedanta's upcoming payments

Asset divestment needed to resolve Vedanta's debt crisis: Analysts

VRL has debt repayments of $ 3.6 billion due in FY25, including $ 2.2 billion in bonds, and poses a significant funding gap of $ 3.1 billion

Vedanta Ltd preparing to demerge sprawling operation, says report

Vedanta Ltd.'s parent, Vedanta Resources, will remain the holding company, the people said. Deliberations are ongoing and no final decisions on the structure or timing of the de-merger have been made

Vedanta board approves raising Rs 2,500 cr via NCDs on pvt placement basis

Vedanta Ltd board on Thursday approved rasing of Rs 2,500 crore through issuance of non-convertible debentures on private placement basis. A decision in this regard was taken at the meeting of Committee of Directors of the company, Vedanta Ltd said in a regulatory filing. "The Committee of Directors on Thursday, considered and approved for raising, on a private placement basis, up to 2,50,000 secured, unrated, unlisted, redeemable, non convertible debentures of face value Rs 1,00,000 each aggregating upto Rs 2,500 crore in one or more tranche(s)," the filing said. A subsidiary of Vedanta Resources Ltd, Vedanta Ltd has operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa and Namibia.

Promoter to sell 4.3% stake in Vedanta to raise $500 mn for debt repayment

The shares will be sold at 5 per cent discount to the closing price of Vedanta at Rs 272 a share

Vedanta may successfully handle its debt in the next 12 months: Report

CreditSights report states that the current methods of refinancing and other potential strategies may help the mining tycoon "successfully" service its debt maturities