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Vedanta’s Dollar Bonds Trade Weaker After Delay in its Demerger Hearing
August 21, 2025
Vedanta’s dollar bonds dropped by 0.3 points across the curve after the National Company Law Tribunal (NCLT) deferred the hearing on the company’s proposed demerger to 17 September 2025. The deferral followed objections from the central government, which alleged Vedanta hid key information, inflated revenues, and concealed liabilities in its demerger plan. It also claimed the company altered the scheme after securing a No Objection Certificate from SEBI and exchanges. SEBI confirmed this change, calling it a “serious breach” of rules and issued an administrative warning.
Meanwhile, Vedanta’s board will meet today to consider a second interim dividend for 2026. Last month, short seller firm Viceroy Research had made allegations that Vedanta Resources’ actions to meet short-term obligations had “pushed the entire group to the brink of insolvency”, which were refuted by the company. The company had first announced its demerger in September 2023, but has extended the deadline to September 2025 pending regulatory approvals.
Vedanta’s 11.25% 2031s traded weaker at 105.65, yielding 10%
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