Shares of natural resources major ended more than 4% lower at Rs 267.95 on the NSE. The shares, which had been pledged by its parent entity for funds, were released by its lenders only last week, enabling the sale of these shares.
Vedanta promoters pledge entire equity holding via subsidiaries thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
As part of the plan, Vedanta Resources is to pledge 13% of its stake in Vedanta Ltd (VDL) to secure a $1.25 billion financing package from a group of lenders led by Standard Chartered Bank and New York-based Cerberus Capital Management to help avert a default on $1 billion of bonds that are due in January, according to people familiar with the matter.
S&P Global highlighted concerns regarding the significant upcoming debt maturities, estimated at approximately $4.5 billion by March 2025, coupled with restricted access to both internal cash flow and external financing.
Vedanta secures $1 25B for debt refinancing; S&P downgrades rating yourstory.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yourstory.com Daily Mail and Mail on Sunday newspapers.