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Bond Market News
Vedanta’s Demerger Get SBI’s Consent
June 6, 2024
Vedanta Ltd’s $20bn demerger announced in October 2023, has cleared a major compliance hurdle as per sources, wherein, its biggest lender SBI, has granted its consent. SBI’s clearance has seen majority of lenders give the go-ahead, with only a few remaining that are also expected to approve it, the source noted. The demerger will separate Vedanta’s existing businesses into six independent listed companies. Vedanta’s existing debt will be allocated in the same ratio of the separation of assets among the six different demerged entities.
Vedanta’s dollar bonds are trading stable with its 9.25% 2026s at 87.97, yielding 16.97%.
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