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Bond Market News
Vedanta’s Creditors to Vote on India Demerger Today
February 18, 2025
Vedanta Ltd.’s creditors are meeting today to decide on a plan to split the Indian conglomerate into at least five separate businesses—aluminum, oil & gas, power, steel, and semiconductors. Post demerger, every Vedanta shareholder will receive one additional share in each of the four newly demerged companies. Vedanta’s chairman, Anil Agarwal, has wanted to simplify the company’s structure for years, but past attempts have failed despite lender approval. The move aims to simplify the group’s structure and allow it to list the separate business units to grow overall valuations. The plan needs approval from 75% of the creditors (by debt value) at the meeting. The London-based parent, Vedanta Resources, has already reduced its debt by $4bn in the last two years and plans to cut another $3bn in the next three years. The company was recently upgraded to B+ by both S&P and Fitch.
Vedanta’s recently issued $550mn 9.85% 2033s have inched up 2.7% since issuance in late-January to currently trade at 102.70, yielding 9.14%.
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