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Bond Market News
Vedanta Set to Benefit from Hindustan Zinc’s Dividends
December 7, 2023
Hindustan Zinc, subsidiary of Vedanta Resources, has declared a second interim dividend of INR 6/share, amounting to INR 25.3bn ($304.3mn). The parent Vedanta Resources, will likely receive a cash inflow of ~$197.4mn owing to its 64.9% stake in the subsidiary. Vedanta Resources, which has been downgraded by multiple agencies due to liquidity concerns has been looked at to find avenues for cashflow sources to pay back its $2bn in debt coming due next year.
Vedanta’s dollar bonds were trading slightly higher – its 13.875% 2024s were up 1.1 points to 92.2.
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