NEW DELHI: Promoters of Vedanta Ltd have pledged their holding in the company to raise $1.4 billion, mostly for repaying the debt that was coming up for maturity.
In a stock exchange filing, Vedanta said its promoters raised $1 billion debt by issuing equivalent notes to Citicorp International Ltd.
Separately, a unit of Vedanta Resources will issue $400 million in notes to an entity under Oaktree Capital Group.
The notes in both cases will be partly secured by shares in Mumbai-listed unit Vedanta Ltd.
The funds raised from Citicorp “will be used to fund the tender offer for any and all of Vedanta Resources Limited’s (VRL) outstanding $900 million 8.25 per cent bonds due 2021,” the company said in the filing.
