Billionaire Anil Agarwal’s commodities group will return money raised from banks and bondholders after a plan to delist its Indian unit failed.
Vedanta Resources Ltd will repay $1.4 billion raised via bonds and another $1.1 billion in loans, with a small amount of interest, as early as this week, according to people with knowledge of the matter. It comes after minority shareholders last week scuppered a plan to take Vedanta Ltd. private, throwing the spotlight on its debt load and whether they’ll try to delist again.
Once the biggest shareholder of Anglo American Plc, Agarwal’s commodities ambitions can draw close scrutiny and even investor ire. The purchase of a $200 million economic interest in Anglo by a Vedanta unit prompted a slump in shares and a slew of downgrades amid questions about the complexity of the deal and who held voting rights.
