19th May 2023


Vedanta seeks cash as $500 million bond matures

Anil Agarwal’s Vedanta Resources Ltd. relies heavily on money from its units to reduce its debt after it failed to generate $3 billion via the sale of a zinc mining unit to Hindustan Zinc Ltd.

Mumbai-based Vedanta Group is trying to raise funds, possibly via a loan, as its $500 million bond matures at the end of this month. A statement from the board of Vedanta Ltd. said they will consider paying out a first dividend for the current business year. The Indian mining giant is also in talks with banks to raise at least $500 million.

The company paid around $4.6 billion in five dividends to its London-based parent company last financial year. However weakened metals prices and high costs stunted its most recent quarterly profit, potentially limiting the scope for more dividends.