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Vedanta Group's $894 million bond interest payment, which was due on February 9, was processed seven days late, according to Bloomberg, citing people familiar with the case. The delay happened due to a 'discrepancy' in information, one of the persons told Bloomberg. However, the payment was made after an investigation and clarification, according to the individual.
On the BSE Sensex, Vedanta's shares were down 1.3% at ₹264.95 a share. The business, headed by Indian billionaire Anil Agarwal, agreed with creditors in January despite having a large debt load from many acquisitions. This deal permitted them to extend the repayment deadlines for three-dollar bonds. As per the agreement, Vedanta initially paid investors $57 million for the bond due in August 2024. Additionally, they extended the repayment period for the remaining principal of $894 million. Vedanta Resources had received strong approval from bondholders for restructuring four series of bonds. The consensus ranged from 97% to nearly 100% across the four series.
In January, Vedanta plans to handle the three bond repayments using a combination of cash and new bonds. They'll swap about half of the January 2024 bond for new bonds due in January 2027 and most of the August 2024 and March 2025 bonds for new amortizing bonds maturing in December 2028.
As of the end of December, the big natural resources company owed ₹75,227 crore, over $9 billion. After subtracting what it owes from what it owes, the net debt is ₹62,493 crore, almost $8 billion. Vedanta seeks to cut debt by up to $2 billion in the next fiscal as it focuses on generating free cash flow by managing costs and enhancing volumes.
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