Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Mining mogul Anil Agarwal-led Vedanta Resources Ltd (<keyword id="1432951" type="General" weightage="80" keywordseo="vrl" source="Orion">VRL</keyword>) has repaid USD 250 million in loans that the company took from <keyword id="120129" type="General" weightage="80" keywordseo="barclays-bank" source="Orion">Barclays Bank</keyword> and <keyword id="127691" type="General" weightage="80" keywordseo="standard-chartered-bank" source="Orion">Standard Chartered Bank</keyword>, according to regulatory filings. The company had earlier said it has enough means to meet debt repayment liabilities in the coming quarters as it looked to assuage investor concerns about its financial position. VRL, the majority owner of Mumbai-listed mining and oil &amp; gas company Vedanta Ltd, repaid USD 150 million borrowed from Barclays Bank. "The earlier disclosure was made pursuant to facility agreement dated June 16, 2022...between Twin Star Holdings (borrower), VRL and <keyword id="16815402" type="General" weightage="80" keywordseo="welter-trading" source="Orion">Welter Trading</keyword> Ltd (as original guarantors), Deutsche Bank AG acting through its Singapore Branch, and Barclays Bank PLC (as original lender), for the purposes of availing facility of an aggregate amount of USD 150,000,000 by the borrower from the original lender," the company said in a filing to BSE. However, the said facility has been repaid and the encumbrance released, it said. The company also repaid USD 100 million borrowed from Standard Chartered Bank. "The earlier disclosure was made pursuant to facility agreement... entered into between Twin Star Holding, VRL and Welter Trading (as original guarantors), Standard Chartered Bank (Singapore) Ltd (as original lender), and Standard Chartered Bank (as arranger and agent), for the purposes of availing a facility of an aggregate amount of USD 100,000,000. However, the said facility has been repaid and the encumbrance has been released," another regulatory filing said. Last month, VRL had said it is in the advanced stage of finalisation to tie up USD 1.75 billion through a combination of syndicate loan and bilateral bank facilities. The company had said it has pre-paid all its debt that was due for repayment till March 2023, deleveraging by USD 2 billion in the past 11 months. Further, it is confident of meeting its liquidity requirements for the quarter ending June 2023. Headquartered in London, VRL is a diversified global natural resources company spanning across India, Zambia, Namibia and South Africa. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vedanta-appoints-omar-davis-as-its-president-strategy/articleshow/98690407.cms">Vedanta appoints Omar Davis as its President-Strategy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/about-7-in-10-investors-unable-to-generate-even-benchmark-index-returns-says-samco-nielsen-survey/articleshow/98695748.cms">About 7 in 10 investors unable to generate even benchmark index returns, says Samco-Nielsen survey</a>

Vedanta Resources repays USD 250 million in loans

<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

<ul class="summary-list"><li><keyword id="11910362" type="UNKNOWN" weightage="60" keywordseo="florida" source="Orion">Florida</keyword> passed a major election bill creating a new <keyword id="11899852" type="UNKNOWN" weightage="60" keywordseo="voting" source="Orion">voting</keyword> crimes office. </li><li>Florida's new legislation shows how GOP-controlled states are continuing to chase voter fraud. </li></ul>Florida lawmakers passed legislation creating a new office dedicated to investigating election crimes, signaling how Republican state legislatures are still working hard to chase the elusive threat of widespread voter fraud ahead of the <keyword id="11994983" type="UNKNOWN" weightage="60" keywordseo="2022-midterms" source="Orion">2022 midterms</keyword>. The Florida House of Representatives approved the measure, <a href="https://www.flsenate.gov/Session/Bill/2022/524/BillText/e1/PDF">Senate Bill 524</a>, and sent it to Gov. Ron DeSantis' desk for a signature Wednesday evening <a href="https://www.myfloridahouse.gov/Sections/Bills/billsdetail.aspx?BillId=73534">by a vote of 76-41. </a>The bill, sponsored by GOP Sen. Travis Hutson, is more modest in scope <a href="https://www.businessinsider.com/desantis-signs-florida-bill-restricting-mail-voting-drop-boxes-2021-4">than Senate Bill 90</a>, the omnibus voting and election bill Florida passed in 2021 that tightened access to mail-in voting and ballot drop boxes and imposed new restrictions on election officials.The new <a href="https://www.flsenate.gov/Session/Bill/2022/524/?Tab=VoteHistory">legislation</a> does, however, create a first-of-its-kind Office of Election Crimes and Security within the Department of State, assigning investigators to run the state's voter fraud hotline, field reports of possible fraud, and proactively investigate possible instances of election fraud and other election wrongdoing.The purview, staffing, and budget of the office are all significantly scaled back <a href="https://www.wtsp.com/article/news/politics/desantis-election-fraud-proposal/67-cba86ffc-c484-4541-a819-5cfe7e474dd2">from what DeSantis originally proposed</a> in late 2021, but still achieves one of his agenda items. The legislation further requires election officials to conduct annual instead of biennial maintenance of voter rolls, increases criminal penalties for returning another a non-family member's ballot, bans ranked-choice voting, and tightens restrictions on third-party voter registration and petition drives, partly in response to <a href="https://www.miamiherald.com/news/politics-government/article258616083.html">recent reports of Miami voters having their party affiliations switched</a> without their permission.Florida's new legislation reflects how GOP-controlled state legislatures, <a href="https://www.npr.org/2022/03/04/1083501487/arizona-republicans-continue-pushing-voting-restrictions-risking-backfire">including other swing states like Arizona</a>, are plowing ahead with new laws changing how elections are run. This comes even after costly Republican-led ballot reviews in states like <a href="https://statesuniteddemocracy.org/resources/report-on-the-cyber-ninjas-review-of-the-2020-presidential-and-u-s-senatorial-elections-in-maricopa-county-arizona/">Arizona</a> and <a href="https://www.politico.com/news/2022/03/01/wisconsin-republicans-embrace-election-decertification-00012793">Wisconsin</a> drummed up <a href="https://abcnews.go.com/Politics/wireStory/wisconsin-prosecutor-bring-election-fraud-charges-82827792">calls for jailing election officials</a> but failed to turn up any evidence of widespread fraud in 2020. <div type="image" title="Florida Representatives work in the House during a legislative session at the Florida State Capitol, Tuesday, March 8, 2022, in Tallahassee, Fla." height="1000" width="2000" msid="90143553" hostid="261"></div>Daniel Griffith, policy director at the nonpartisan group <a href="https://www.securedemocracyusa.org/">Secure Democracy USA</a>, told Insider the bill is unlikely to bolster accessibility or transparency in Florida's <a href="https://www.wtsp.com/article/news/politics/elections/florida-governor-ron-desantis-praises-states-2020-election-reporting/67-902a9417-3834-48bc-abfd-2e606b491d1b">already well-run elections that DeSantis lauded in 2020</a>, but "does several things that increase challenges for voters and hard-working election officials and sow doubt in Florida's elections.""Between a vague mandate to establish an Election Crimes &amp; Security Office and new criminal penalties for something as simple as helping an older neighbor or disabled friend cast their vote, this bill raises serious concerns for the future of Florida's elections," Griffith said. <h2>GOP-controlled state legislatures are pushing election restrictions</h2>State legislatures went to work changing voting and election laws in 2021, with 46 states passing over 300 bills on voting and elections last year, <a href="https://votingrightslab.org/showdown-2022-the-state-of-state-election-law-and-the-fights-ahead/">the Voting Rights Lab found in a February 2022 report</a>. While red and blue states alike made progress in areas like expanding early voting and modernizing mail voting, others rolled back access or tightened restrictions, widening the divide in voting access and election policy <a href="https://www.businessinsider.com/3-ways-lawmakers-changed-voting-access-affect-midterms-2022-2021-12">between Republican and Democratic-controlled states. </a>Some advocates and groups like the nonpartisan Voting Rights Lab are more concerned, however, about new laws that inject more partisanship into how votes are counted and impose new civil and criminal punishments onto election officials, <a href="https://www.businessinsider.com/congress-is-powerless-to-fully-prevent-state-level-threats-to-democracy-2021-9">a trend some experts have termed election subversion</a>. VRL <a href="https://tracker.votingrightslab.org/pending/search?number=3637924693300905">identified 19 bills passed and enacted in 15 GOP-controlled state legislatures</a> that do just that in 2021, with more coming up in the pipeline for 2022. "What we're seeing carry over into 2022 are these bills that don't necessarily impact ballot access, but impact the way elections are administered," Liz Avore, VRL's vice-president for law and policy, told Insider in February. "We've seen efforts by legislators to interfere in the elections by sometimes inserting themselves into the election process or the vote-counting process, sometimes by criminalizing election officials."Texas, for example, just held its first major primary after its own election overhaul, an election that saw <a href="https://www.texastribune.org/2022/03/02/texas-primary-ballot-rejections/">higher-than-normal rates of mail ballots rejected</a> as a result of the law's new identification requirements, and election officials constrained by the law's new criminal penalties <a href="https://www.khou.com/article/news/politics/harris-county-suing-texas-over-election-officials-inabilities-to-encourage-voting-by-mail/285-5c9608f3-0487-4398-9c2d-4c6f5da092b5">penalizing officials for promoting mail voting.</a>Avore said that the upcoming 2022 midterm elections are another reason why states will likely focus more on passing laws that affect how votes are counted and certified. "It's difficult to change all those processes around how ballots are cast, so it's unlikely that we'll see as much legislation passing this year as we did last year around voter access," she said. "But when looking towards the 2022 midterms, we're seeing legislation that is definitely going to impact the way those votes are counted."<div type="image" title="Florida Gov. Ron DeSantis speaks at the Conservative Political Action Conference (CPAC) Thursday, Feb. 24, 2022, in Orlando, Fla." height="1000" width="2000" msid="90143558" hostid="261"></div>VRL <a href="https://tracker.votingrightslab.org/pending/search?number=1565481581612593">identified over 200 bills introduced in 32 states so far in 2022</a> that would give partisan officials more control over how votes are counted and elections are certified, initiate partisan reviews of the 2020 election, and create or enhance civil and criminal penalties for election officials — <a href="https://www.nytimes.com/2022/01/20/us/voting-rights-election-police.html">including Florida-style election crime offices.</a>Hutson and other Republicans have argued the new office is necessary to better secure Florida's elections, <a href="https://floridaphoenix.com/2022/03/03/elections-cops-office-fl-senator-discounts-danger-of-frivolous-fraud-claims/">and won't lead to intimidation of election officials and workers.</a>But rates of voter fraud <a href="https://www.businessinsider.com/voter-election-fraud-statistics-rare-president-biden-trump-2020-2020-11">both nationwide</a> and <a href="https://www.heritage.org/voterfraud/search?state=FL">in Florida</a> are already exceptionally rare, and officials in other states that have dedicated large amounts of time and resources to hunting down voter fraud have come up short. Texas Attorney General Ken Paxton's Election Fraud Unit, for example, had a plum $2.2 million budget for 2021 but only closed three cases, <a href="https://www.houstonchronicle.com/politics/texas/article/Texas-AG-Paxton-s-2-2M-voter-fraud-unit-closed-16708051.php">the Houston Chronicle </a>reported, down from 17 in 2020. Some lawmakers and voting advocates have argued a new investigative office is a redundant and poor use of taxpayer money at best, and at worst, could have a chilling effect on voters and election officials.Florida state Sen. Jeff Brandes, the only Senate Republican to oppose the measure, called it "comical" for 15 investigators "to go after a handful of complaints that will be substantiated" <a href="https://floridapolitics.com/archives/504528-elections-bill-gets-senate-thumbs-up/">during floor debate</a>. "When we look at elections and state election systems and how underfunded they are, it is really alarming to see these proposals to dedicate all this funding to prosecuting those underfunded election administrators," Avore said.

Florida lawmakers create a new voting crimes office, part of a GOP push to shape election rules ahead of the 2022 midterms

New Delhi, Mar 9 () India Ratings and Research (Ind-Ra) on Monday said it has revised downward Vedanta Ltd's outlook to negative from stable. "Ind-Ra has revised Vedanta Ltd's (VL) outlook to negative from stable while affirming its long-term issuer rating at 'IND AA'," the rating agency said in a statement. Ind-Ra continues to take a consolidated view of Vedanta Ltd and its subsidiaries and has factored in the debt of its parent company Vedanta Resources Plc (VRL) while arriving at the ratings, it said. "The outlook revision reflects Ind-Ra's expectation that VL's credit metrics will remain weaker than expected levels in the near term owing to the delay in volume ramp-up and fall in commodity prices," it said. Vedanta Ltd is a diversified natural resources firm, with a significant presence in zinc, oil and gas, copper, aluminium, iron ore, and power. SID HRS

Ind-Ra revises downward Vedanta's outlook to negative

Fortune has come up with a list of India’s Next 500 companies, and it features <keyword id="430602" type="COMPANY" weightage="100" keywordseo="JustDial">Justdial</keyword>, UTI Asset Management Company and <keyword id="65866" type="COMPANY" weightage="100" keywordseo="IRCTC">IRCTC</keyword>, while Dynamatic Technologies has topped the list. Major companies in this list are mid-sized and have been termed as the 'small wonders' by the magazine. 
 
Dynamatic Technologies, which tops the list with an annual revenue of over Rs 1,693 crore, is followed by Nectar Lifescience (Rs 1,692 crore), Oswal Wollen Mills (Rs 1,689 crore), VRL Logistics (Rs 1,682.5 crore) and Hitachi Home &amp; Life Solutions (Rs 1,682.18 crore). 
 
Amongst the top five, Nectar Lifescience has made its entry in the list for the first time while other four companies have upped themselves from last year. 
 
Together, these 500 companies have generated a revenue of Rs 5,14,788 crore, says the magazine, while on an average, these firms have had a revenue of more than Rs 1,000 crore. 
 
These firms pan over various industries and sectors like basic materials; financial services; food and agri products; pharma and information technology; capital goods and iron and steel. 
 
Both UTI Asset Management Company and Just Dial, are new entrants in the list and stand at 442nd and 449th positions, respectively. 
 
<a href="http://www.bfirst.in/sites/default/files/images/articles/2016/02/5/IRCTC.jpg">Image source</a>

You Searched For "vrl" and got 5 results

Vedanta Resources repays USD 250 million in loans

PTI

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

PTI

Florida lawmakers create a new voting crimes office, part of a GOP push to shape election rules ahead of the 2022 midterms

Grace Panetta

Ind-Ra revises downward Vedanta's outlook to negative

PTI

IRCTC, Justdial, Oswal Wools feature in Fortune India’s Next 500 list

BI India Bureau

Popular Keywords

Buying Guides