Latest news with #VRL
Time of India
2 days ago
- Business
- Time of India
Vedanta Resources seeks $550 million refinancing
Mumbai: Vedanta Resources (VRL), the London-based parent of India's Vedanta, is looking at refinancing credit facility worth $550 million, and is discussions with several lenders from Middle East, Europe and Japan, sources aware of the development said. These high-interest borrowings are set to mature in 2026. "VRL is in discussions with international banks to refinance a $550 million balance on its $1.25 billion private credit facility," said a source. First Abu Dhabi Bank, Mashreq, Abu Dhabi Commercial Bank, Commercial Bank of Dubai, Standard Chartered Bank, Barclays as well as Japan's Sumitomo Mitsui Banking Corporation are some of the banks with which Vedanta Resources is in discussions. The refinancing would prepay the high-cost loan, which carries an 18% coupon and matures in April 2026. The facility, guaranteed by VRL's intermediate holding company Twin Star Holdings, was originally raised in December 2023 and is secured against brand fees received from its listed Indian unit, Vedanta (VEDL). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Your Insurance Company Hopes You NEVER See This Page – Here's Why AutoTrends Undo Investors in the private credit facility include Cerberus Capital, Davidson Kempner, Varde Partners, Broad Peak, BlackRock, SeaTown Holdings, and Aspex Management. Live Events The refinancing is likely to be done at nearly half the rate of the existing private credit facility, with the new interest rate likely to be 800-900 basis points lower. It is expected to lead to savings of around $47 million. "VRL has been engaging with investors to raise around $550 million," said a source. "While no formal roadshows have been launched, the company is holding exploratory meetings to secure a new facility."
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Business Standard
22-05-2025
- Business
- Business Standard
What sparked 13% jump in VRL Logistics share price today? Find out here
VRL Logistics share price: VRL Logistics share price zoomed as much as 12.60 per cent to hit an intraday high of ₹630.25 per share on Thursday, May 22, 2025. At 1:00 PM, VRL Logistics share price was trading 6.66 per cent at ₹597. In comparison, BSE Sensex was trading 1.12 per cent lower at 80,686.08 level. Why did the share price rise? The rise in VRL Logistics share price came after the company posted strong Q4 results (March quarter). VRL Logistics profit skyrocketed 245 per cent year-on-year (Y-o-Y) to ₹74.25 crore in the March quarter of financial year 2025 (Q4FY25), from ₹21.54 crore in the March quarter of financial year 2024 (Q4FY24). Revenue surged 5 per cent Y-o-Y to ₹809.03 crore in Q4FY25, from ₹768.4 crore a year ago (Q4FY24). At the operating level, earnings before interest, tax, depreciation and amortisation (Ebitda) climbed 73 per cent annually to ₹189.12 crore, from ₹109.15 crore a year ago. VRL Logistics dividend The company's Board has recommended a final dividend at ₹10 per equity share (face value of ₹10 each) for FY25, subject to approval of shareholders at the ensuing Annual General Meeting of the company. 'The dividend would be paid within 30 days from the date of its declaration. The Record date / book closure, as the case may be, would be intimated in due course separately,' VRL Logistics said. About VRL Logistics VRL Logistics is a transportation and logistics company offering a diverse portfolio of services, including road transport, bus operations, and air passenger services. A key player in the domestic logistics market, VRL specialises in both less-than-truckload (LTL) and full truckload (FTL) transportation. The company also boasts a substantial fleet of self-owned vehicles, enabling reliable and efficient service delivery across the country. The market capitalisation of VRL Logistics is ₹5,241.55 crore, according to BSE. The company falls under the BSE SmallCap category.
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Business Standard
05-05-2025
- Business
- Business Standard
Vedanta Resources proposes to repay $920 million debt in FY26: CFO Goel
Anil Agarwal-led Vedanta Resources Ltd (VRL), as part of its deleveraging exercise, has proposed to repay $920-million debt in the current fiscal year and about $675 million in the next, a company official said. The company has been gradually deleveraging its balance sheet, improving its capital structure, and lowering its financial costs by tapping bond markets as part of its liquidity management exercise. In a Q4 earnings conference call, Vedanta's Chief Financial Officer Ajay Goel said, "So $920 million is a debt repayment to do in the current year. Next year, FY27, it's about $675 million." The need for cash at VRL is declining rapidly, led by both deleveraging and refinancing, he said, adding that at the same time, overall cash flow at Vedanta India, given the augmented volume, compressed cost, is much higher. "So overall, we as a group in terms of cash management is historical best position," he explained. Last year, Vedanta firmly established itself as one of the most proactive companies in terms of executing strategic corporate actions. "...we witnessed a number of such actions, including Rs 8,500 crores via QIP, Rs 3,150 crore via OFS for Zinc shares, $0.5 billion through equity partnership at our parent company Vedanta Resources, and also refinancing $3.1 billion bond portfolio for parent company at lower cost, longer maturities and much congenial terms and conditions," he said. All these actions have supported the company in achieving a deleveraging of $1.2 billion at the group level, of which $0.7 billion at parent company, VRL; and $0.5 billion at Vedanta India. As on March 31, 2025, Vedanta Resources' net debt (standalone level) was $4.9 billion. "And the leverage at the group level has improved to 2x from 2.7x a year ago. With this progress, both Vedanta Ltd and its parent entity now maintain a strong leverage position than most of our key global peers," he said. Vedanta Resources Ltd is the holding company for Vedanta Ltd and Konkola Copper Mines. These businesses in turn have multiple subsidiaries with a portfolio comprising operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power, and glass substrate.
