Sunday, December 22

Tag: vedanta resources

Vedanta: Vedanta faces investor reckoning over $3.2 billion of bonds
2Jan By adminNo Comments
Business

Vedanta: Vedanta faces investor reckoning over $3.2 billion of bonds

Vedanta Resources Ltd faces a moment of reckoning this week as Indian billionaire Anil Agarwal’s miner seeks approval for a proposal that could help it buy more time to honor its debt liabilities.Bondholders have until Jan. 2 to give an early consent on a plan to push out due dates on $3.2 billion in bond repayments, a move that prompted S&P Global Ratings in December to cut the company’s rating deeper into junk.Vedantaneeds a green light from at least two-thirds of the bondholders in each of the three securities to proceed with the plan. A holder meeting will be held on January 4.The bid to revise the terms of its dollar bonds marks the latest attempt by Agarwal’s group to bolster its balance sheet, having already sold a stake in its Mumbai-listed subsidiary and secured a $1.25 billi...
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Anil Agarwal’s Vedanta announces second dividend of Rs 11 apiece for FY24
18Dec By adminNo Comments
Business

Anil Agarwal’s Vedanta announces second dividend of Rs 11 apiece for FY24

Anil Agarwal (Photo: Bloomberg) Anil Agarwal-led Vedanta Ltd on Monday announced the second interim dividend of Rs 11 per share for 2023-24. In a regulatory filing, the company said that it is 1,100 per cent of the face value of Rs 1 per equity share and will cost the company Rs 4,089 crore. "We wish to inform you that the Board of Directors of the company, in its meeting held today ie, on Monday, December 18, 2023, has approved the second interim dividend of Rs 11 per equity share i.e, 1,100 per cent on the face value of Rs 1 per equity share for the Financial Year 2023-24 amounting to Rs 4,089 crore," the filing read. The record date for payment of dividend has been fixed at December 27, 2023 and the interim dividend shall be duly paid within the stipulated timelines...
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Vedanta posts net loss of Rs 1,783 crore in Q2
4Nov By adminNo Comments
Business

Vedanta posts net loss of Rs 1,783 crore in Q2

NEW DELHI: Anil Agarwal-led Vedanta Ltd on Saturday reported a consolidated net loss of Rs 1,783 crore for the second quarter ended September 2023 on account of one-time exceptional item because of adoption of new tax rate.The company had posted a consolidated net profit of Rs 1,808 crore in the year-ago period, Vedanta Ltd said in a filing to BSE.The consolidated income of the company in the July-September period increased to Rs 39,585 crore from Rs 37,351 crore in the year-ago period.Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is a diversified global natural resources company with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, aluminium and power across India, South Africa and Namibia. !(function(f, b, e, v, n, t, s) { function loadFBEven...
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Vedanta to complete sale of steel assets by March 2024: Anil Agarwal
3Oct By adminNo Comments
Business

Vedanta to complete sale of steel assets by March 2024: Anil Agarwal

Vedanta Ltd will complete the sale of its steel assets by the end of this financial year, its chairman Anil Agarwal said in an interview on Tuesday. The company began the review of its steel and steel raw material business - formed through the acquisition of ESL Steel in 2018 for Rs 5,230 crore - in June, looking to sell the company to focus on its core mining businesses. Last week, Vedanta announced its board had approved a pure-play, asset-owner business model that would ultimately result in six separate listed firms. The restructuring is expected to be completed in 12-15 months. Its parent Vedanta Resources saw a slate of rating downgrades triggered by worries over its $6.4 billion outstanding debt. The proposed plan entails five new listed firms — Vedanta A...
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