Vedanta Group has reportedly reached a deal to borrow $850 million (₹7,041 crore) as Anil Agarwal’s debt-ridden mining giant rushes to raise money to pay back maturing bonds.
What Happened? Vedanta has signed a five-year loan agreement with investment firms JPMorgan Chase & Co. and Oaktree, Bloomberg reported, citing sources.
The Indian firm is under the pump as it has to pay back a $500 million (₹4,141.2 crore) junk-rated bond in the coming few days, besides other maturing credit. The conglomerate has been hard-pressed for cash after its sale of a zinc-mining unit to subsidiary Hindustan Zinc did not go through.
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Vendanta Group has in the past doled out massive dividends to Vedanta Resources, its UK-based parent. The company's board on Monday approved an interim dividend of ₹18.50 per share, amounting to a total of ₹6,877 crores.
Price Action: Vedanta’s shares were down 0.64% at ₹286.50 when markets opened for trading on Wednesday.
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