VEDANTA LOANS
Vedanta announces launch of QIP, sets floor price at Rs 461.2 apiece
Earlier in May, the company announced plans to raise up to Rs 8,500 crore to reduce its debt, with shareholder approval secured last month. Vedanta is currently engaged in several growth projects, aiming for a long-term capital expenditure of around $8 billion. For the current fiscal year, Vedanta's capital expenditure target is approximately $1.9 billion, marking an increase of over a third from the $1.4 billion spent last year.
Vedanta may raise Rs 6,000 crore via QIP
Earlier in May, the board of the natural resources major had approved fund raising of up to ₹8,500 crore, which then got shareholder approval in June. The company could, however, raise a lower amount of around ₹6,000 crore, the people said. A final decision on the quantum of the share issue has yet to be taken.
Stocks in news: Bajaj Finance, Vedanta, L&T Finance, Hindustan Zinc, Star Health
Nifty surpasses 24,300 with bullish momentum. Key companies perform well: Bajaj Finance, Vedanta, L&T Finance. Hindustan Zinc focuses on silver production growth. Indiabulls Housing Finance rebrands to Sammaan Capital. Star Health targets doubling Gross Written Premium.
Vedanta mulls 1st dollar bond sale of $500 million
The bond sale could climb to $1 billion depending on the response from investors, according to one of the people. The company is also exploring other avenues of fundraising, including equity sales and local currency loans from domestic banks, the people said.
Vedanta Limited to raise Rs 1,000 cr through private placement of NCDs
Vedanta Limited, a subsidiary of Vedanta Resources, announced plans to raise Rs 1,000 crore through bonds on a private placement basis. The fund raise is part of the company’s routine financing or refinancing activities, the company said in a stock exchange announcement.
Vedanta unveils mega road map to reach $10-billion Ebitda
The Vedanta Group has invested around $8 billion in its growth projects. The group will also commission the world’s largest alumina refinery at Lanjigarh. The $10 billion near-term target on earnings before interest, tax, depreciation and amortisation (Ebitda) includes $4.2 billion from aluminium, $2.7 billion from zinc and silver, and $0.9 billion from oil & gas, according to a presentation that the two people shared with ET.
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Nifty may see a 400-point correction before June 4 but banks will outperform: Sanjiv Bhasin
Sanjiv Bhasin from IIFL Securities provides insights on market trends, highlighting the performance of key banks like HDFC, Kotak, ICICI, and Axis. He recommends focusing on IDFC First, Dhanlaxmi Bank, SBI Life, Grasim, LIC, GIC, and New India Assurance for potential growth. Bhasin also says that in pharma, Divi's is one of the best contract pharming companies and it is regaining its position but he would put his money on Lupin.
Vedanta subsidiary raises pricey Rs 1,804 crore debt to lend to parent
Vedanta Semiconductors, a wholly owned subsidiary of Vedanta, raised Rs 1,804 crore in debt from private creditors such as Varde Partners and Davidson Kempner. The proceeds will be used to lend to Vedanta Ltd to repay its debt, said people with knowledge of the matter.
Vedanta demerger likely to get nod from lenders by May end
Mumbai-listed Vedanta had announced a demerger in September last year. It intends to form six companies, each of which will house its different businesses - aluminium, power, oil and gas, base metals and steel. Goel reiterated that the demerger is on track to be concluded by the end of the calendar year.
Vedanta secures 11-year Rs 3,900 cr loan from PFC
The group plans to increase the operating capacity of its power business in India to 4.8 GW by FY27, sources with knowledge of the matter said. The latest financing follows Vedanta group's takeover of Meenakshi Energy Ltd on December 28 in an NCLT-driven insolvency process.
Top 10 stocks to buy before Sensex grows from 75,000 to 1 lakh
Sensex anticipates 1 lakh in 5 years, projected at 1.5 lakh by 2029. Market surge backed by diverse investors. Various stock upgrades and predictions indicate promising growth potential in the market.
Fitch Co flags concerns over Vedanta demerger
While Vedanta has said that it aims to value the assets of its demerged entities by their book values, CreditSights believes that it is a relatively straightforward approach as book values are captured at a point in time, "carrying values could be outdated, and may not accurately reflect future profitability and cash flow generation of the business".
Stocks in news: Vodafone Idea, Aster DM Healthcare, DMart, Vedanta, RBL Bank
DIFC Dubai Branch has arranged for syndicated term loan of $500 million ($400 million and Green Shoe of $100 million) in two tranches with tenure of 3 years and 5 years.
Oaktree invests Rs 1,600 crore in Sesa's bonds
The funds are raised by mortgaging fixed and movable assets of Vedanta and Sesa Resources. The company has also pledged its entire shares as security against loans.
Nifty to rescale new highs in first week of April; time to do SIPs in 4 metal stocks: Sanjiv Bhasin
Sanjiv Bhasin provides insights on market trends, recommends stocks like Hind Copper, Vedanta, SAIL, and NALCO for potential growth. Emphasizes strategic investment opportunities in various sectors for favorable returns. Bhasin further says that in largecaps, Bata and Patanjali are two stocks along with Devyani where he ccan bet his money on.
Stocks in news: Tata Motors, M&M, NLC India, UPL, Vedanta
Japan's Sumitomo Wiring Systems, a promoter in Samvardhana Motherson International, sold partial stake in the company through bulk deals on Wednesday.
Stocks in news: SMS Pharma, Patel Engineering, Vedanta, HG Infra, SJVN
Patel Engineering, in collaboration with its joint venture partner, has been awarded the letter of acceptance (LOA) by the Irrigation & CAD Department, Government of Telangana for a contract valued at Rs 525.36 crore.
Vedanta Resources to deleverage debt by USD 3 bn over 3 years
The company recently divested a significant portion of its shares through its promoter entity Finsider International, and set the stage for strategic manoeuvring within the company.
Anil Agarwal pledges shares of Mauritius company that owns 13.26% stake in Vedanta
As per the documents, Finsider International UK, a company ultimately held by Anil Agarwal’s Volcan Investments, has pledged 1.3 billion shares or its entire shareholding in Vedanta Holdings Mauritius II Limited as security for a $1.25 billion loan that Standard Chartered Bank arranged for Vedanta Resources Limited, the group’s parent.
Vedanta's $894 million bond interest payment cleared with 7 days' delay
Vedanta Group's $894 million bond interest payment was delayed by seven days due to a discrepancy. The payment was made following an investigation and clarification. The group struck a deal with creditors to extend repayment deadlines for three dollar bonds, reducing net debt by up to $2 billion to generate free cash flow.
Punjab and Sind Bank to sell KSK Mahanadi loans to ARCs
Punjab and Sind Bank, frustrated by the delay in resolving KSK Mahanadi Power's corporate insolvency, plans to sell its debt to asset reconstruction companies (ARCs). The bank has invited offers from ARCs for its loans to KSK Mahanadi Power and KSK Water Infrastructure.
Vedanta nears deal to raise $1.25 billion via private loan
Indian billionaire Anil Agarwal’s miner has been looking for fresh sources of cash to refinance around $3 billion of US-currency bonds coming due over the next two years. Bloomberg first reported on the company’s talks for a private loan of $1 billion on Sept. 21. Representatives for Vedanta also proposed delaying payments on the dollar bonds, a plan that met with investor opposition, Bloomberg reported on Sept. 28.
Vedanta Resources in talks with Cerberus, Varde for $500-m loan
Sources told ET that the new loan is expected to be raised at a significantly higher interest rate, around 17-18%, compared with prepayments from Oaktree and Trafigura, which were below 13%. This new financing would be utilised for the prepayment of 55% of the 13.875% bonds due in 2024, 5% of the 6.125% bonds maturing in August 2024, and 20% of the 8.95% bonds set to mature in March 2025.
Vedanta raises Rs 2,500 crore through unlisted NCDs
Vedanta Ltd, the Indian subsidiary of Vedanta Resources, has raised ₹2,500 crore through non-convertible debentures with an interest rate of 12%. The funds will be used for capital expenditure or loan repayment. Vedanta Resources, the parent company, has been downgraded by S&P Global Ratings due to debt issues and a funding gap of $600 million.
Vedanta Resources taps credit funds for $1 billion loan
The mining and metals conglomerate has $1 billion of 13.875% bonds coming up for repayment in January, another $1 billion of 6.125% paper due in August 2024, and $1.2 billion of 8.95% bonds maturing in March 2025.
Bank of Maharashtra invites bids for loans of Asian Hotels (North)
In a rare development, Bank of Maharashtra is expecting full recovery of dues from the sale of the loans to a hotel, owned by the Jatia Group. It has set a reserve price of Rs 330 crore against Rs 324 crore dues, the bank said in a note to the asset reconstruction companies last week. Reeling under Covid 19, in December 2020, the company entered a one-time restructuring (OTR) with lenders.
Vedanta Resources in talks with Standard Chartered Bank for $1.3 billion loan
The loan deal, if sealed, will take care of debt repayments until January without the need to restructure the bonds. The discussions regarding lending rates are currently in progress and the loan could be priced around 14-15% with a duration of three years. The company has appointed advisory firm Morrow Sodali to identify the holders of its $1 billion 13.875% bonds and $1 billion 6.125% bonds due in 2024 and the $1.2 billion 8.95% bonds due in 2025, as reported earlier.
KKR-Vedanta JV ties up Rs 2,600 crore loans for green power projects
The JV known as Serentica Renewables in which KKR has pumped over $650 million so far has tied up a 19 year loan from Power Finance Corporation to build solar and wind projects in Karnataka, according to the sources cited earlier. The total cost of those projects is around ₹3,500 crore and they will have a power generation capacity of around 400 megawatts.
Punjab & Sind Bank to sell two KSK loans
The lender is looking to recover over 50% from the sale. The bank has invited bids for a loan of ₹110 crore for KSK Mahanadi and ₹45 crore for KSK Water Infrastructure, setting a reserve price of ₹ 60 crore and ₹ 23 crore, respectively, on an all-cash basis.
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