Vedanta raises $1.4 bn via bonds to fund delisting of Indian flagship firm
Vedanta Resources Ltd on Thursday said it has raised $1.4 billion (around Rs 10,500 crore) via bonds, which would be primarily used to fund the delisting of its Indian flagship firm.
“Vedanta Resources Ltd (VRL) hereby announces the successful pricing of senior secured bonds. The issue size was $1.4 billion, comprising three-year amortising bonds, with an annual coupon rate of 13 per cent,” the company said.
Funds from the bond issuance will primarily be used to support the intended offer to buy out the equity shares of Vedanta Ltd (VDL) that are held by public shareholders, the statement said.
The bond issuance follows the commitments for $1.75 billion that VRL had received earlier for a three-month term loan facility, taking the total amount of debt to $3.15 billion across global debt markets.
