Latest news with #VedantaResources
Time of India
5 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
6 days ago
- Business
- Business Standard
Vedanta to raise upto ₹5,000 crore via unsecured bond issue for refinancing
Vedanta, the Indian mining and metals company owned by billionaire Anil Agarwal, plans to raise upto ₹5,000 crore ($585 million) through unsecured bonds to refinance existing debt and support capital expenditure. The proposed issuance offers investors three structures. The first tranche is ₹2,250 crore with a ₹750 crore greenshoe option, maturing in December 2027. A second option totals ₹1,000 crore with a ₹75 crore greenshoe and a three-year tenor, while the third comprises ₹850 crore, maturing in two years, a company spokesperson said. The fundraising comes as Vedanta undergoes a major restructuring, spinning off its businesses into five independent, pure-play entities. The group has outlined a $4 billion investment plan over the next three years, with $1.5 billion already deployed in 2024–25 (FY25). The proceeds of the latest fundraise will help address near-term maturities and enhance financial flexibility. As of March 2025, Vedanta's net debt stood at ₹53,251 crore, down over ₹3,000 crore from the previous year, driven by operational cash flows, a qualified institutional placement, and proceeds from a stake sale in its zinc unit. The company maintained an average debt maturity of over three years. Vedanta's London-based parent, Vedanta Resources, has reduced its debt to $5 billion in FY25 — the lowest in a decade — helped by strong dividend payouts from the Indian unit. Shares of Vedanta closed flat at ₹434 in Mumbai on Tuesday, valuing the company at ₹1.69 trillion. Promoter group Vedanta Resources holds a 56.3 per cent stake.
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Business Standard
6 days ago
- Business
- Business Standard
Vedanta to raise ₹5,000 crore via unsecured bond issue for refinancing
Vedanta, the Indian mining and metals company owned by billionaire Anil Agarwal, plans to raise ₹5,000 crore ($585 million) through unsecured bonds to refinance existing debt and support capital expenditure. The proposed issuance offers investors three structures. The first tranche is ₹2,250 crore with a ₹750 crore greenshoe option, maturing in December 2027. A second option totals ₹1,000 crore with a ₹75 crore greenshoe and a three-year tenor, while the third comprises ₹850 crore, maturing in two years, a company spokesperson said. The fundraising comes as Vedanta undergoes a major restructuring, spinning off its businesses into five independent, pure-play entities. The group has outlined a $4 billion investment plan over the next three years, with $1.5 billion already deployed in 2024–25 (FY25). The proceeds of the latest fundraise will help address near-term maturities and enhance financial flexibility. As of March 2025, Vedanta's net debt stood at ₹53,251 crore, down over ₹3,000 crore from the previous year, driven by operational cash flows, a qualified institutional placement, and proceeds from a stake sale in its zinc unit. The company maintained an average debt maturity of over three years. Vedanta's London-based parent, Vedanta Resources, has reduced its debt to $5 billion in FY25 — the lowest in a decade — helped by strong dividend payouts from the Indian unit. Shares of Vedanta closed flat at ₹434 in Mumbai on Tuesday, valuing the company at ₹1.69 trillion. Promoter group Vedanta Resources holds a 56.3 per cent stake.
The Hindu
11-05-2025
- General
- The Hindu
Guardians of the green
In the Niyamgiri Hills of Odisha, the indigenous tribe of Dongria Kondh lives in quiet harmony with nature, preserving ancient traditions, worshipping mountain spirits and nurturing the land. Known as worshippers of Niyam Raja, the supreme deity who resides in these verdant hills, the Dongria Kondh live in scattered hamlets nestled amidst thick forests and terraced slopes. Traditionally agrarian, they practise podu cultivation, a centuries-old shifting form of farming where forest patches are cleared and burned to plant millets, pineapple, turmeric and seasonal vegetables. Life here follows the rhythm of nature and ancestral wisdom passed through generations. Their attire is as distinctive as their culture. The Dongria women are strikingly adorned, their attire is minimal yet symbolic. A single piece of cloth wrapped around the body, once worn without blouses, reflects a deep-rooted cultural ethos. While many elders still adhere to this, younger women increasingly wear stitched blouses, mirroring the subtle seepage of urban influences. Yet, their fierce love for adornment remains unchanged. Metallic nose pins, often several at once, dot the faces of even young girls, while women wear rows of earrings along the length of their ears, their foreheads often marked with distinctive permanent tattoos. The men, equally striking, wear colourful turbans and a simple loincloth, some decorating their bodies with traditional tattoos. These accessories are expressions of identity and reverence for their ancestors. The Dongria Kondh speak Kui, an ancient Dravidian language, and preserve their heritage through oral narratives, songs, and dances. In a historic battle to save their hills, the Dongria Kondh rose in defiance against Vedanta Resources, a mining giant that sought to extract bauxite from the Niyamgiri range. Their resistance became a global symbol of indigenous rights. Backed by activists and legal advocates, the community took their fight to the Supreme Court, which in 2013 upheld their right to decide the fate of their land. In a series of landmark village council meetings, the Dongria unanimously rejected the project, a rare victory of grassroots power over corporate might. Smartphones have made their way into these remote hills, capturing tribal festivals and connecting youth with the outside world. But amid the changing winds, the Dongria Kondh continue to guard their forests and faith, living on the edge of modernity without letting it blur the contours of their unique identity. Piercing look: A girl from the Dongria Kondh tribal group of the Niyamgiri Hills of Odisha has traditional nose pins on. It is common for women of the community to wear three nose-rings. Colours of life: Showcasing the tribal community's love for ornaments, a woman flaunts her traditional metal nose pins, earrings, bangles, necklaces and other colourful accessories on her hair, neck and hand. Shaking a leg: Young women from the tribal group, clad in traditional wear and accessories, dance to drumbeats during a festival near the Niyamgiri hills of Odisha. Shared interests: The women help each other in dressing up before a festival. Deft climber: A tribal girl standing by a hill where podu cultivation was done near the Niyamgiri range of Odisha. Traditional vibes: Two women of the particularly vulnerable tribal group Dongria Kondh sitting outside their homes. Drift from the past: The attire of the Dongria Kondh women is slowly becoming more mainstream due to influence from the urban areas nearby. Old and new: Dongria Kondh women check their mobile phones after dressing up in traditional attire for a village festival. One for the album: A mother, with her child, clicks a selfie on a smartphone, reflecting the changing times in the tribal heartland.
Time of India
06-05-2025
- Business
- Time of India
Vedanta looks to repay $920mn debt in FY26
NEW DELHI: Anil Agarwal-led Vedanta Resources , 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. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
