Vedanta Resources plans to raise up to $1 billion

Mumbai: Billionaire Anil Agarwal’s Vedanta Resources plans to raise up to $1 billion selling bonds to global investors. The UK-based company is seeking to refinance existing debt, a move that is expected to reduce its funding costs, said three people familiar with the matter.

Those international debt securities may have three-year and five-year maturities.

One of the company’s existing debt is set for repayment in June 2022 for about $1.2 billion for Vedanta.

“The proceeds will primarily be used for that (repayment),” one of the persons cited above, told ET.