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Bond Market News
Vedanta’s Dollar Bonds Rise 2-3 Points; Company Invites Bids for Sale of Natural Gas
February 17, 2021
Vedanta’s dollar bonds rose by 2-3 points on Tuesday with its 9.25% 2026s and 8% 2023s leading the pack, up 2.6 and 2.5 points to 89.63 and 94.00 respectively on the secondary markets. This comes after the company announced on Monday that it is inviting bids for the sale of natural gas from its Rajasthan block at a price that is at par to the price of imported LNG from the spot market. Vedanta added that its oil and gas arm, Cairn Oil & Gas, produces about 3.5mn standard cubic meters per day (mmscmd) of gas from its block in Rajasthan and the output is being ramped up further to over 5mmscmd.
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