Vedanta intends to use credit funds to raise up to $1 billion

17 Mar 2023 CW Team

According to people familiar with the matter, Anil Agarwal's Vedanta Group has turned to credit funds such as Farallon Capital, Davidson Kempner, and Ares SSG Capital to borrow more than $1 billion to meet upcoming repayments. This move comes as banks are tightening credit for the mines and minerals giant, which has been negotiating with global lenders such as JP Morgan, Barclays, Standard Chartered Bank, and Deutsche Bank to lower their asking rate for a $1 billion loan.

The loan was expected to be raised at the secured overnight financing rate (SOFR) plus 500 basis points, but the lenders have given a term sheet at SOFR plus 800 basis points for the 3-3.5-year loan. Vedanta is exploring ways to raise funds to meet upcoming maturities after the government opposed the Hindustan Zinc (HZL) board's move to buy THL Zinc Ventures in a $2.98 billion cash deal.

Vedanta Resources Limited (VRL) is also in talks with private funds to raise $750 million to $1 billion to refinance the facility. VRL has large repayments in the next quarter, including US dollar bonds of $400 million in April and $500 million in May, along with another $1 billion bond maturing in January 2024, $1.1 billion term debt, $600 million interest payments, and $450 million inter-company loans.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..