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Vedanta pays back $900-mn loan
Highlights
New Delhi: Mining conglomerate Vedanta Ltd repaid a $900 million high-cost loan through a mix of QIP proceeds and a new $350 million facility at a...
New Delhi: Mining conglomerate Vedanta Ltd repaid a $900 million high-cost loan through a mix of QIP proceeds and a new $350 million facility at a lower interest rate, resulting in $550 million net deleveraging and further strengthening of its balance sheet, sources said.
The loan, taken by subsidiary THL Zinc Ventures in May 2023 at 13.9 per cent interest, was partly repaid using funds from Vedanta’s $1 billion June 2024 QIP. Besides, Vedanta raised a new $350 million loan at 9.6 per cent per annum from JP Morgan and other bankers, reducing annual interest costs by $90 million.
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