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Bond Market News

Vedanta Ltd. Promoters Raise $800mn via Share Pledges

November 29, 2021

The promoter holding companies of Vedanta Ltd. have raised $800mn by pledging shares in the company. Details were revealed in a statement released by the company:

  • Twin Star Holdings entered into an agreement with Standard Chartered Bank, London to raise $400mn
  • Vedanta Netherlands Investments BV raised $150mn from Standard Chartered Bank, London
  • Vedanta Resources secured $250mn from Standard Chartered Bank, Hong Kong.

Under the pledge, Vedanta Resources and its subsidiaries have to retain 50% of the issued share capital, while promoter companies face restrictions in creating encumbrance over any assets held by them.

Vedanta’s dollar bonds were trading slightly lower, with its 9.25% 2026s down 0.56 points to 94.813.

For the full story, click here.

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