Vedanta Ltd. Promoters Raise $800mn via Share Pledges

The promoter holding companies of Vedanta Ltd. have raised $800mn by pledging shares in the company. Details were revealed in a statement released by the company:

• Twin Star Holdings entered into an agreement with Standard Chartered Bank, London to raise $400mn
• Vedanta Netherlands Investments BV raised $150mn from Standard Chartered Bank, London
• Vedanta Resources secured $250mn from Standard Chartered Bank, Hong Kong.

Under the pledge, Vedanta Resources and its subsidiaries have to retain 50% of the issued share capital, while promoter companies face restrictions in creating encumbrance over any assets held by them.

Vedanta’s dollar bonds were trading slightly lower, with its 9.25% 2026s down 0.56 points to 94.813.

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