Stocks

Vedanta raises $1.4 b via bond issue

Our Bureau Mumbai | Updated on August 20, 2020

Vedanta Resources has raised $1.4 billion through senior secured bonds with an annual coupon of 13 per cent for 3 years. The issue size was increased to $1.4 billion from the initial indications of $1 billion in order to also redeem a portion of its $670 million outstanding 2021 bonds. Incidentally, the Madras High Court earlier this week rejected a plea of Vedanta's Indian subsidiary to reopen its Sterlite Copper smelting plant in Thoothukudi. The plant was sealed by the Tamil Nadu government on May 28, 2018 due to environmental concerns. Justices TS Sivagnanam and V Bhavani Subbaroyan dismissed all 10 writ petitions filed by Vedanta challenging various orders passed by the State government and the Tamil Nadu Pollution Control Board refusing consent to operate, to stop production, to disconnect electricity and to seal the premises.

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Published on August 20, 2020
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