Vedanta climbs 2% on demerger timeline update, first dollar-bond issue
Source: Business Standard
At around 12:24 PM, shares of Vedanta were up 1.15 per cent at Rs 430.8 per share on the BSE. In comparison, the BSE Sensex was up 119.96 points at 81,643.12.
On Wednesday, John Slaven, CEO of the aluminium business of Vedanta, said, Vedanta’s demerger of mining conglomerate is expected by the end of FY25.
Vedanta has filed an application for its demerger scheme before the National Company Law Tribunal (NCLT). The company has already received approval from 75 per cent of its secured creditors for the proposed demerger of its businesses.
“It’s not within our control. It’s the NCLT process. They typically take, I don’t know, four to six months, to run that process. So by the end of this fiscal year, by the end of this fiscal year (I see it happening),” said Slaven.
In another development, London-listed Vedanta Resources, the parent firm of mining conglomerate Vedanta, on Wednesday raised $900 million in its first dollar-denominated bond issue in more than two years to prepay existing debt.
In a statement, the company said it has raised $900 million at a coupon rate of 10.875 per cent in the five-year US dollar-denominated bond.
In the past one year, the shares of Vedanta have gained 83.73 per cent, compared to the BSE Sensex’s rise of 21.2 per cent during the same period.
First Published: Sep 12 2024 | 12:35 PM IST
