Indian commodity giant Vedanta Resources called off the proposed consent solicitation for its $1bn 13.875% 2024s and $1.2bn 8.95% 2025s after a pushback from its lenders, according to IFR. The conglomerate had attempted to change the terms of its offshore bonds guaranteed by Twin Star Holdings and Welter Trading in an effort to raise more debt by amending certain covenants on the back of strong commodity prices. Vedanta had offered $2.50 per $1,000 of principal to the bondholders if they agreed to the terms by July 21 and $1.25 per $1,000 if they agreed by July 26. The change in covenants which required the consent of two-thirds of the lenders would have resulted in an increase in its debt cap to $5bn from $3.6bn which in turn would aid the redemption of its 2022s and enable it to increase its stake in Vedanta Ltd. According to S&P, the offer would help increase the funding options of the company and would not have any immediate effects on Vedanta’s B- ratings. However, the pushback from the investors have forced the company to rethink its strategy as per IFR. Vedanta said that it had called off the consent solicitation “following careful consideration of the responses received from investors”.