Comments
London-based billionaire Anil Agarwal-owned Vedanta Resources plc has fully redeemed $514.8 million convertible bonds due for repayment on July 13.
The company in a statement on Thursday said with this redemption of the 5.5 per cent convertible bonds, all outstanding bonds in US dollar due for maturity this fiscal at Vedanta Resources plc have been repaid (except for the $8 million, four per cent convertible bonds due in March 2017). The next bond maturity for Vedanta Resources plc is the 9.5 per cent $750 million bond maturing in July 2018.
Vedanta continues to actively manage its maturities and evaluate various options to optimise its balance sheet and reduce the financing costs, including further bond buybacks. The company remains committed to its stated group strategy of deleveraging and strengthening the balance sheet, it said.
Vedanta Ltd, the Indian subsidiary of Vedanta Resources, said it had generated free cash flow of over ₹11,000 crore last fiscal, despite the storm in metal and mining industry. The cash flow was about three times higher than FY15.
The company reduced net debt by over ₹6,000 crore and the group’s liquidity remains strong with over ₹52,000 crore of cash and cash equivalents.
Hindustan Zinc, a subsidiary of Vedanta, announced highest-ever dividend of over ₹12,000 crore. Of this, ₹6,500 crore was credited to Vedanta and about ₹5,000 crore was paid to the Government which owns stake in the company.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.