The current restructuring exercise aims to deal with potential threats in case the rollover of the debt nearly $6 bn by March 2025 turns difficult, says Rakesh Arora, MD, GO India Advisors.
Indian conglomerate Vedanta Resources is facing increased risk around its upcoming debt repayments, leading to a downgrade by Moody s Investors Services. The company is struggling to raise funds to cover its debt obligations, including $3.2 billion in bonds maturing between 2024 and 2025. Moody s warned of a further downgrade if the company fails to make progress on funding arrangements.
As of June 2023 end, promoter group i.e. Vedanta Resources held 68.11 percent in Vedanta Limited or 253 crore shares. This entire holding is pledged with lenders
Vedanta shares fell over 6% to hit a fresh 52-week low of Rs 210 on Wednesday after Moody s downgraded the corporate family rating for the London-based promoter group and commodity major Vedanta Resources.
The stock price got a boost as Anil Agarwal plans to transfer Zambia’s Konkola Copper Mines from his group’s holding company Vedanta Resources to Vedanta.