Vedanta says no pledge on shares; terms bar promoters from share sale
Vedanta Ltd’s promoters cannot sell or create any security on shares they hold in the group as part of the terms attached to the recent USD 1.4 billion fund raising — conditions which technically fall within the definition of ‘encumbrance’ but no pledge on shares has been created, the company said on Wednesday.
Vedanta had on Tuesday informed stock exchanges about its promoters raising USD 1 billion debt by issuing equivalent notes to Citicorp International Ltd and another USD 400 million in notes to an entity under Oaktree Capital Group.
The notes in both cases will be partly secured by shares in the Mumbai-listed unit Vedanta Ltd.
