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Vedanta Resources Planning $1bn Share Sale to GQG: Sources
February 15, 2024
Vedanta Resources Limited (VRL), parent of Vedanta Limited, may sell shares worth $1bn to investment firm GQG via block deals, according to news sources. VRL has been looking at several options to pare down its outstanding debt of $6.4bn, which includes $4.5bn payment due in fiscal 2025. Recently VRL restructured its debt, extending the maturity of its 2024 and 2025 bonds and there were also reports of Vedanta demerging its businesses into separate entities.
Vedanta’s 9.25% 2026s are trading stable at 83.14, yielding 19.1%.
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