Vedanta’s Promoters have pledged their holding in the company to raise $1.4 billion, mostly for repaying the debt that was coming up for maturity. The company’s promoters raised $1 billion debt by issuing equivalent notes to Citicorp International. Separately, a unit of Vedanta Resources will issue $400 million in notes to an entity under Oaktree Capital Group. The notes in both cases will be partly secured by shares in Mumbai-listed unit Vedanta.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc leadsilver, copper, iron ore, aluminium and commercial power.
