Vedanta promoter raises $125 Million via pledging company’s shares

16 Oct 2024 , 12:26 PM

Shares of Vedanta Ltd., the Anil Agarwal-owned mining giant, are in focus on Wednesday, October 16, after the company’s promoter unit, Vedanta Resources, signed a $125 Million facility deal.

According to an exchange document filed on Tuesday, the authorised borrower under this facility is Vedanta Resources, the non-listed promoter firm.

The facility agreement was signed on October 10, 2024, by Standard Chartered Bank Singapore Ltd. as the arranger, agent, and lender.

According to the filing, the facility arrangement was entered into to cover the VRL Group’s cash flow requirements.

Vedanta Ltd. has no shareholdings in any of the firms involved in the facility arrangement, and there will be no direct influence on the management or control of the listed entity.

According to the facility agreement, encumbrances have been placed on the shares of the Indian-listed corporation, but Vedanta Ltd. has not been held liable.

According to BSE records, Vedanta Ltd.’s promoters held a 56.38% interest in the listed business as of July 20, with 99.99% currently pledged.

Vedanta was recently in the spotlight when the business postponed and then cancelled a board meeting to discuss a fourth interim dividend for shareholders. No new date has been announced for any scheduled board meetings.

At around 11.55 AM, Vedanta was trading 0.32% lower at ₹488.30, against the previous close of ₹489.85 on NSE. The counter touched an intraday high and low of ₹496.50, and ₹486.05, respectively.

For feedback and suggestions, write to us at [e-mail]