Vedanta Limited shares rose as much as 1.2% in the early morning session on January 4 after Vedanta Resources secured bondholder approval to restructure four series of bonds.
At around 1.49 PM, Vedanta was trading 1.16% higher at Rs 266.85, against the previous close of Rs 263.80 on NSE. The counter rose to an intraday high of Rs 270.65.
In a statement issued on January 3, Vedanta Resources (Vedanta Limited’s parent company) stated that more than 97% of bondholders supported the restructuring of $3.2 billion in bonds slated to maturity over the next three years. The meetings for each of the four series of bonds will be conducted on January 4, according to the statement, after which the business will issue an announcement concerning the passing of the extraordinary resolution in respect of each series.
Vedanta Limited announced in a regulatory filing on the same day that alumina production at its Lanjigarh (Odisha) refinery increased by 6% year-on-year and 1% quarter-on-quarter to 4,70,000 tonnes in Q3FY24. Karnataka’s saleable ore production grew 13% year-on-year, owing to enhanced operational efficiency. Production fell 3% year-on-year. Pig iron production increased by 1% year on year but fell by 7% quarter on quarter due to the capital closure of one smaller furnace.
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