Vedanta’s promoter group firms have raised $800 million (about Rs 6,000 crore) by pledging shares in the company. Promoter group firms pledged Rs 242.26 crore or 65.18 percent shareholding in Vedanta in three facility agreements to raise the money. In the first financing deal, Twin Star Holdings entered into an agreement with Standard Chartered Bank, London to avail of an aggregate amount of $400 million.
In the second, Vedanta Netherlands Investments BV secured $150 million from Standard Chartered Bank, London. Vedanta Resources in the third facility raised $250 million from Standard Chartered Bank, Hong Kong. As part of the pledge, the promoter group entities are not permitted to create any encumbrance over any assets held by them unless certain conditions are fulfilled.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.
