Friday, February 23rd, 2024

Vedanta’s dollar bonds continue to fall, will have a direct impact on the stock

Mumbai. There has been a huge decline in Vedanta’s dollar bonds, which will have a direct impact on the stock. Here the government has stopped Anil Agarwal from selling his/her International Zinc Asset to its subsidiary Hindustan Zinc. This deal was going to be done for 2.98 billion dollars i.e. about 24,500 crore rupees. The government has said to take legal action if this transaction goes ahead. The government holds about 30% stake in Hindustan Zinc. The company’s dollar bonds due in April 2026, March 2025 and August 2024 have yielded between 17% and 19% since January 20. The 13.87% note due due 2024 has rolled down to 13.5%.

London-based Vedanta Resources has $4.7 billion in bonds maturing over the next four years, with $900 million due in the first half of 2023, according to Bloomberg data. Last month, Hindustan Zinc agreed to buy the unit, THL Zinc Limited Mauritius, from its parent entity for $2.98 billion in different tranches over 18 months. The move was believed to be an attempt by Anil Agarwal to cut Vedanta Resources’ debt after a failed attempt to delist Vedanta Limited in 2020. The central government said that it will vote against the proposal in the general meeting (EGM). The company told CNBC-TV18 that it will engage with all shareholders and wants to grow globally through acquisitions.

Tags: dollar, share market, shares

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