Vedanta Resources Limited has repaid $800 million worth of loans, which were availed by the company and its subsidiaries, the company announced through an exchange filing on Friday. This move by the company is to dismiss the concerns regarding its liquidity after the rising interest rates put pressure on low-rated borrowers with heavy debt loads.
The company said the repayment to lenders has released the pledged shares of its subsidiary Vedanta Limited, which stood at 68.11 per cent.
Twin Star Holdings Limited, Vedanta Netherlands Investments B.V., and Vedanta Resources had raised the debt from Standard Chartered Bank in three facilities, which were taken from Standard Chartered Bank in London and Hong Kong. The company along with its subsidiaries were guarantors for the amount borrowed.
Vedanta's upcoming debt
Last month, Vedanta Resources said it has reduced its gross debt to $6.8 billion by paying all its maturing loans and bonds due in April. Now the focus will move to how the company will pay for its upcoming debt pile in 2024 when bonds worth $2 billion are expected to mature.
Vedanta shares
The shares of Vedanta on Friday closed at Rs 274.70, down by 1.2 per cent.
