London-headquartered Vedanta Resources (VRL) has pledged 4.4% of its overall holding in its subsidiary Vedanta to its rival Glencore International in lieu of a $250-million loan under an agreement signed on May 25.VRL is required to procure certain actions on behalf of its subsidiaries Westglobe, Richter Holding and Finsider International Company (FICL) as third-party obligors, Vedanta said in a stock exchange update. VRL, Westglobe, Richter Holding and FICL are members of the promoter group of Indian mining major Vedanta.
Post the loan agreement, certain restrictions on disposing of shares (by selling, transferring or otherwise) have been placed on Westglobe, Richter on FICL in Vedanta.
