Vedanta considers the 1st dollar bond sale of $500 million

25 Jun 2024 CW Team

According to two people familiar with the plan, the Indian mining business headed by billionaire Anil Agarwal is thinking of launching its first foreign offering of bonds worth at least $500 million. According to people speaking about private matters, Vedanta Ltd. is debating the strategy with financiers and getting legal advice over the possible sale. One of the people said that the bond offering may reach $1 billion, depending on investor reaction. According to the persons, the corporation is also looking into alternative funding options, including equity sales and local currency loans from domestic banks. The announcement coincides with the fact that, according to Bloomberg statistics, four high-yield dollar bonds offered by Vedanta Resources Ltd., the parent company of Vedanta, are now the best-performing Indian securities this year. The holding business successfully restructured its offshore bonds earlier this year. In the past, Vedanta Ltd. has borrowed money in rupees from local lenders and sold bonds denominated in local currency. The company's board of directors authorised the sale of local, non-convertible debentures for $120 million last week. Aluminium, oil and gas, iron, copper, and semiconductors are among the commodities in which Vedanta has interests. Although it operates mostly in India, it also has activities in Namibia, South Africa, and Liberia. During a conference call with investors on April 25, Executive Director Arun Misra stated that Vedanta is expecting $1.9 billion in capital expenditures in 2024?2025. The money for the expansion would come from the issue of dollar bonds. Agarwal is seeking to split the firm into six distinct business groups as part of a reorganisation that was revealed last year. Vedanta Ltd. would be in charge of the semiconductor, zinc, and stainless steel businesses. According to the corporation, the separation will be finished in the March 2025 fiscal year.

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