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Bond Market News
Hindustan Zinc Plans Splitting into Three; Vedanta Sees Another CFO Departure
October 24, 2023
Vedanta’s subsidiary Hindustan Zinc (HZL) is planning to split itself into three businesses and thereby unlock more value. HZL’s CEO Arun Mishra said that he expects the move to increase the combined market value of the three entities to go up to $25-30bn, ~1.5x HZL’s current market cap. The move will unlock shareholder value, improve efficiency and increase production capacity as per the CEO. Vedanta Ltd. holds a 64.9% stake in HZL and almost the entire stake is pledged with lenders, given the parent’s debt woes. Vedanta Ltd. only recently approved a plan to split itself into six listed companies. Separately, Vedanta Ltd’s CFO Sonal Shrivastava is said to be exiting the company, just months after joining them amid the restructuring talks, say sources. This would be Vedanta’s third CFO departure in as many years.
Vedanta’s dollar bonds were traded steady with its 6.125% 2024s at 63.5 cents on the dollar.
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