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Bond Market News
Vedanta Approves $932mn of Dividend Payout
September 3, 2024
Vedanta Ltd. has approved its third dividend payout for the year of $932mn. This will take the total dividend payout by the Indian subsidiary to $1.6bn for this year. The dividend payment date is set as 10 September. The payout will help its indebted parent Vedanta Resources to improve its financial position. Vedanta Resources has been relying on dividend payments from its subsidiaries and potential stake sales to improve its liquidity. Vedanta Resources was earlier upgraded by S&P in July citing improving capital structure and liquidity.
The company has also hired bankers for a new bond issuance (5NC2 and/or 7NC3) to refinance $470mn of its outstanding 2027s, followed by $1bn of its 2028s. The new bonds will be guaranteed by Twin Star Holdings Ltd and Welter Trading Ltd and have an expected rating of B-.
Its dollar bonds traded stable with its 9.25% 2026s at 99.3, yielding 9.68%.
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