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<keyword id="99389" type="General" weightage="20" keywordseo="vedanta-resources" source="Orion">Vedanta Resources</keyword> Limited (<keyword id="28423" type="DOMAIN" weightage="100" keywordseo="vedanta" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta</keyword>), the parent company of Mumbai-listed mining giant <keyword id="11969166" type="DOMAIN" weightage="100" keywordseo="vedanta-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta ltd" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta Ltd</keyword>, on Wednesday said it has further repaid USD 400 million of loans, cutting gross debt to USD 6.4 billion. In a statement, the firm helmed by billionaire <keyword id="6354819" type="General" weightage="20" keywordseo="anil-agarwal" source="Orion">Anil Agarwal</keyword> said it "has paid all its maturing loans and bonds due in May and June 2023.. "As such, gross debt has further reduced to USD 6.4 billion, a USD 3.3 billion reduction since Vedanta announced its deleveraging ambition in March 2022," it said. CreditSights, a Fitch Group firm, had last week stated that it saw lower refinancing risk for Vedanta Resources Ltd's (VRL) near-term debt maturities on a new USD 850 million loan refinancing. "Looking ahead, while we estimate more funds need to be raised to fully fund VRL's estimated USD 2.1 billion of FY24 (April 2023 to March 2024 fiscal year) debt refinancing needs (USD 850 million covered, implying a gap of USD 1.25 billion), we think VRL still has multiple funding avenues to tap onto. These include share pledges and dividend upstreaming," it had said. The firm had last on April 24 stated that it had cut gross debt to USD 6.8 billion after repayments. "Vedanta is targeting further debt reduction during the balance of FY24, and ultimately intends to lower gross debt towards zero," the company statement said Wednesday. "This will be aided by our expectations of robust demand, particularly in India, coupled with strong operational performance from our world-class asset base.. Vedanta's gross debt as of today stands at USD 6.4 billion, down from USD 6.8 billion at the end of April 2023, USD 7.8 billion at the end of March 2023, and USD 9.7 billion at the end of March 2022. It however did not indicate a timeline for reaching zero gross debt. "We remain aware of refinancing risk on VRL's USD 4.1 billion debts due in FY24, for which VRL will likely have to rely heavily on external fundraising for a USD 2.1 billion refinancing and an additional USD 950 million to plug a funding gap. "At this point, we would still lean towards VRL being successful at tying up its USD 2.1 billion of fundraising, given VRL's track record of 'going to the brink and succeeding', recent debt reductions, recent fresh fundraising efforts and that we think various alternative funding channels remain open for VRL, despite the tighter bank funding conditions," CreditSight had said. These avenues include pledging of promoter stake in the main operating company Vedanta Ltd and further dividend upstreaming from operating companies. "We also think VRL's timely debt repayments thus far and recent refinancing progress could support lending sentiment," it had said. "We caution of execution risk: VRL's refinancing of the USD 1-1.25 billion loan is not finalised yet and a lack of progress, a failure of refinancing talks, or its inability to tie up the loan for late-FY24 pose downside risks to our recommendation." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/fintech-unicorn-taxfix-lays-off-120-employees-to-cut-costs/articleshow/100646092.cms">Fintech unicorn Taxfix lays off 120 employees to cut costs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-metro-launches-whatsapp-based-ticketing-service-on-airport-line/articleshow/100646250.cms">Delhi Metro launches WhatsApp-based ticketing service on Airport Line</a>

Vedanta Resources pays $400 million debt, borrowings down to $6.4 billion

<keyword id="7642420" type="General" weightage="50" keywordseo="vedanta-resources-limited" source="Orion">Vedanta Resources Limited</keyword> (<keyword id="28423" type="DOMAIN" weightage="20" keywordseo="vedanta" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta</keyword>), the parent company of Mumbai-listed mining giant <keyword id="11969166" type="DOMAIN" weightage="20" keywordseo="vedanta-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta ltd" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta Ltd</keyword>, on Monday said it has paid all its maturing loans and bonds due in this month to reduce its <keyword id="66469" type="General" weightage="20" keywordseo="gross" source="Orion">gross</keyword> debt by a further USD 1 billion. Vedanta has now reduced debt by a total of USD 3 billion since it announced in February 2022 its intention to accelerate deleveraging. It had announced plans to reduce debt by USD 4 billion within 3 years. "Vedanta has thereby achieved 75 per cent of its committed reduction in just 14 months," the firm said in a statement. The firm's gross debt now stands at USD 6.8 billion, down from USD 7.8 billion at the end of March 2023 and from USD 9.7 billion at the end of March 2022. "During the balance of FY24, we believe that strong operational performance from our world class asset base coupled with robust commodity prices will lead to further deleveraging at Vedanta," the statement said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/shopping-mall-operators-revenue-to-rise-7-9-this-fiscal-crisil/articleshow/99730844.cms">Shopping mall operators' revenue to rise 7-9% this fiscal: CRISIL</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/playstation-5-special-summer-offer-discount-for-all-the-ps5-variants/articleshow/99729513.cms">This could be your last chance to grab a PlayStation 5 at a ₹5000 discount in India</a>

Vedanta Resources cuts gross debt by USD 1 billion

Anil Agarwal-led <keyword id="28423" type="General" weightage="80" keywordseo="vedanta" source="Orion">Vedanta</keyword> on Thursday announced the appointment of <keyword id="16813100" type="General" weightage="80" keywordseo="omar-davis" source="Orion">Omar Davis</keyword> as its President-Strategy. <keyword id="18718" type="General" weightage="100" keywordseo="davis" source="Orion">Davis</keyword> will work closely with Vedanta chairman <keyword id="781" type="General" weightage="80" keywordseo="agarwal" source="Orion">Agarwal</keyword> to lead the Group's strategic initiatives and will be based out of the group's London office. A seasoned natural resources banker, Davis has an experience of 25 years in the industry, Vedanta said in a statement. Most recently, prior to his appointment, he worked with Bank of America as the bank's global head of metals and mining for corporate and investment banking. "We welcome <keyword id="43018" type="General" weightage="80" keywordseo="omar" source="Orion">Omar</keyword> to our company... His leadership skills and strategic acumen will be of immense value in driving Vedanta's growth vision," Agarwal said. Davis will lead engagement with globally recognised and leading financial partners and drive synergies as the company progresses with its vision to unlock value across its asset base. "I am excited to work with the talented team to develop and execute strategies that will drive growth and create value for all our stakeholders," Davis said. Vedanta Group has significant operations in oil and gas, zinc, lead, silver, copper and iron ore among others and is foraying into the semiconductors business. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/indian-economy-likely-to-log-in-a-tepid-6-growth-next-fiscal-crisil/articleshow/98690120.cms">Indian economy likely to log in a tepid 6% growth next fiscal: Crisil</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/how-is-gpt-4-different-from-chatgpt-and-what-makes-it-unique/articleshow/98688465.cms">How is GPT-4 different from ChatGPT, and what makes it unique?</a>

Vedanta appoints Omar Davis as its President-Strategy

As the delisting bid of minerals major <keyword id="28423" type="CITY" weightage="20" keywordseo="vedanta">Vedanta</keyword> Ltd failed last week, the company has said that if successful, the bid would have brought in foreign direct investment (FDI) of $3.15 billion into the Indian economy. In a statement on Tuesday, the company expressed gratitude towards the capital market regulator <keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword>, BSE, its shareholders, the banks and advisors and exuded confidence that the company would grow as a listed company on the Indian exchanges. It said that launching the delisting bid to garner around 134 crore shares was a "mammoth" task. "We saw enthusiastic participation by our shareholders that took us within striking distance of our goal, short by only 7 per cent," it said. "The bid would have resulted in FDI inflow of over 3.15 billion dollars into the Indian economy and helped boost growth between 0.4 per cent and 0.8 per cent through the multiplier impact of such large infusion of funds," said the statement. It said that Vedanta looks forward to unparalleled opportunities and growth in India and the company is committed to fulfilling the goal of self-reliance in the natural resources sector. On Saturday, Anil Agarwal's Vedanta Ltd announced that its delisting offer had failed due to the requisite number of shares not being offered by shareholders. Vedanta's delisting offer is deemed to have failed in terms of the delisting regulations. It said that 125.47 crore shares were validly tendered by public shareholders. The reverse book building process for public shareholders had concluded on Friday. For successful delisting of the shares, 134.12 crore shares needed to have been validly tendered for the promoter shareholding to cross the 90 per cent shareholding. At 12.45 p.m. shares of Vedanta Ltd on the BSE were at Rs 100.00, higher by Rs 3.05 or 3.15 per cent from its previous close. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/oneplus-chinese-company-co-founder-carl-pei-exits-company-one-day-ahead-of-flagship-mobile-launch/articleshow/78634270.cms">OnePlus co-founder Carl Pei reportedly exits company one day ahead of flagship smartphone launch</a> <a href="https://www.businessinsider.in/stock-market/news/banking-stocks-like-sbi-hdfc-axis-icici-and-other-share-price-in-the-stock-market-ahead-of-the-moratorium-verdict/articleshow/78633357.cms">SBI, HDFC Bank, Axis Bank and other bank stocks tread caution as they wait with bated breath for Supreme Court verdict on moratorium</a> <a href="https://www.businessinsider.in/defense/news/india-china-disengagement-looks-unlikely-with-more-chinese-troops-reportedly-being-deployed-at-the-border/articleshow/78632960.cms">Chinese PLA is reportedly rotating troops despite India's insistence on disengagement from friction points along the border</a> <a href="https://www.businessinsider.in/science/space/news/mars-will-appear-bigger-redder-and-brighter-on-october-13-and-wont-get-this-close-to-earth-again-until-2035/articleshow/78556539.cms">Mars will appear bigger, redder, and brighter on October 13 — and won’t get this close to Earth again until 2035</a>

Vedanta says delisting could bring $3 billion FDI into India

<keyword id="6354819" type="UNKNOWN" weightage="20" keywordseo="anil-agarwal">Anil Agarwal</keyword>'s <keyword id="28423" type="CITY" weightage="20" keywordseo="vedanta">Vedanta</keyword> Limited announced on Saturday that its delisting offer had failed due to the requisite number of shares not being offered by shareholders. Vedanta's delisting offer is deemed to have failed in terms of the delisting regulations, the company announced. Vedanta said that 125.47 crore shares were validly tendered by public shareholders. The reverse book building process for public shareholders had concluded on Friday. For successful delisting of the shares, 134.12 crore shares needed to have been validly tendered for the promoter shareholding to cross the 90% shareholding. Accordingly, the acquirers will not acquire any equity shares tendered by the public shareholders in the delisting offer and the equity shares will continue to remain listed on the stock exchanges, the Vedanta statement said. "The total number of Offer Shares validly tendered by the Public Shareholders in the Delisting Offer is 1,25,47,16,610 Offer Shares, which is less than the minimum number of Offer Shares required to be accepted by the Acquirers in order for the Delisting Offer to be successful in terms of Regulation 17(1)(a) of the Delisting Regulations. Thus, the Delisting Offer is deemed to have failed in terms of Regulation 19(1) of the Delisting Regulations," Vedanta said. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/nasa-cases-asteroid-bennu-ahead-of-snatch-and-grab-finds-six-new-secrets-including-a-possible-void-under-the-surface/slidelist/78577408.cms">NASA cases Asteroid Bennu ahead of snatch and grab — finds six new secrets, including a possible void under the surface</a> <a href="https://www.businessinsider.in/stock-market/news/rbi-governor-wants-markets-to-keep-the-faith-but-traders-want-something-more/articleshow/78574663.cms">RBI Governor wants markets to keep the faith but traders want something more</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-beats-accenture-to-become-the-worlds-most-valuable-it-services-company/articleshow/78566487.cms">TCS beats Accenture to become the world’s most valuable IT services company — but this not the first time it has raced ahead</a>

Vedanta will continue on the stock exchange — delisting offer fails due to insufficient shares coming back

<keyword id="2735606" type="General" weightage="80" keywordseo="vedanta-ltd" source="Orion">Vedanta Ltd</keyword> on Friday reported a 40.8 per cent drop in consolidated net profit to Rs 2,464 crore for the third quarter ended December 2022 on higher input costs. The company posted a consolidated net profit of Rs 4,164 crore in the year-ago period, Vedanta Ltd said in a <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> filing. However, the consolidated income of the company in the October-December period increased marginally by 0.4 per cent to Rs 34,818 crore from Rs 34,674 crore a year ago. Vedanta Ltd, a subsidiary of <keyword id="2040264" type="General" weightage="50" keywordseo="vedanta-resources-ltd" source="Orion">Vedanta Resources Ltd</keyword>, is a diversified global natural resources company with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel and aluminium and power across India, South Africa and <keyword id="47514" type="General" weightage="20" keywordseo="namibia" source="Orion">Namibia</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/coal-india-to-produce-sand-using-overburden-rocks-likely-to-begin-ops-at-5-plants-by-next-year/articleshow/97375017.cms">Coal India to produce sand using overburden rocks; likely to begin ops at 5 plants by next year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-2023-funding-support-liberal-tax-regime-and-other-things-fintechs-expect-from-the-government/articleshow/97373905.cms">Budget 2023: Funding support, liberal tax regime and other things fintechs expect from the government</a>

Vedanta Q3 net profit drops 41% on higher input costs

Diversified natural resources company <keyword id="2040264" type="General" weightage="50" keywordseo="vedanta-resources-ltd" source="Orion">Vedanta Resources Ltd</keyword>'s credit profile is not likely to be weighed down by the group's plans to make semiconductors, said S&amp;P Global Ratings. According to the global credit rating agency, <keyword id="99389" type="General" weightage="100" keywordseo="vedanta-resources" source="Orion">Vedanta Resources</keyword>' credit profile will not be weighed down by the group's $20 billion semiconductor manufacturing venture as the investment will be made outside of the company. "The business (semiconductor) will be undertaken in a separate entity under Vedanta Resources' holding company <keyword id="5026635" type="General" weightage="50" keywordseo="volcan-investments-ltd" source="Orion">Volcan Investments Ltd</keyword>," it said. Any potential credit impact of the planned investments in the semiconductor business will depend on the details of the funding plan, which have yet to emerge, the credit rating agency added. "For example, we could watch out for any change in Vedanta Resources' dividend policy, to support servicing of any debt at <keyword id="4055768" type="General" weightage="50" keywordseo="volcan" source="Orion">Volcan</keyword> for the semiconductor business. We believe Vedanta Resources will prudently manage its investments so that it does not put debt servicing at risk," S&amp;P Global Ratings said. According to the credit rating agency, the <keyword id="147780" type="General" weightage="50" keywordseo="vedanta-group" source="Orion">Vedanta Group</keyword>'s investments will also likely happen over a long period of time. "Our rating on Vedanta Resources does not assume any material exposure by the company or its key subsidiary, Vedanta Ltd., to the semiconductor business over the next 12-24 months," it said. Vedanta partnering with Taiwanese group Foxconn recently inked an agreement with Gujarat government to set up a semiconductor venture in the state. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/cheetahs-brought-from-namibia-savour-their-first-meal-in-india-appear-playful/articleshow/94304567.cms">Cheetahs brought from Namibia savour their first meal in India, appear playful</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/enough-wheat-stock-in-india-govt-to-take-action-against-hoarders-if-needed-food-secy/articleshow/94304468.cms">Enough wheat stock in India; Govt to take action against hoarders if needed: Food Secy</a>

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Vedanta Resources pays $400 million debt, borrowings down to $6.4 billion

PTI

Vedanta Resources cuts gross debt by USD 1 billion

PTI

Vedanta appoints Omar Davis as its President-Strategy

PTI

Vedanta says delisting could bring $3 billion FDI into India

IANS

Vedanta will continue on the stock exchange — delisting offer fails due to insufficient shares coming back

IANS

Vedanta Q3 net profit drops 41% on higher input costs

PTI

Semiconductor business not to 'short circuit' Vedanta Resources credit profile: S&P Global Ratings

IANS

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