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Bond Market News
Vedanta Gets Approval from 75% of Creditors; 2026s Jump 2 Points Higher
July 31, 2024
Vedanta Ltd got the approval from 75% of its secured creditors for the planned demerger scheme. The company said that the creditors have directed it to obtain clearance from stock exchanges and file its demerger scheme with the National Company Law Tribunal. The demerger is aimed at simplifying its corporate structure by creating independent businesses whilst also unlocking significant value. This will ultimately see it form five independent verticals in addition to Vedanta Ltd namely, Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals. Shareholders owning every one share of Vedanta Ltd, will additionally receive one share of each of the five new companies that will separately be listed.
Vedanta’s 9.25% 2026s jumped higher by 2 points to at 98.3 cents on the dollar, yielding 10.3%.
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