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Bond Market News
Vedanta Planning to Raise ~$460mn via NCDs
January 23, 2025
Vedanta Ltd., the Indian subsidiary of Vedanta Resources, is planning to raise INR 40bn ($460mn). The money will be raised through INR-denominated non-convertible debentures (NCDs) and will offer a 9.75% return to investors, as per sources. The money raised will help its parent Vedanta Resources which holds a 56.3% stake in Vedanta Ltd., to service its debt obligations. Besides, it will also be used to repay debt, cover brand fees, and service other outstanding obligations. Vedanta Resources recently priced a $1.1bn issuance post which it was upgraded by both Moody’s and Fitch.
Vedanta’s bonds traded stable with its 10.25% 2028s at 102.68, yielding 9.29%.
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