Vedanta seeks $1 billion in upsized share placement
Vedanta is joining a slew of Indian companies tapping stock investors amid surging valuations and increasing demand for equity investments in the country.
India’s Vedanta Ltd will complete the sale of its steel assets by March 2024 as it looks to reduce overall debt, group chairman Anil Agarwal told CNBC-TV18 channel 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 52.30 billion rupees – in June, looking to sell the company to focus on its core mining businesses.
The conglomerate last week decided to spin off into various commodity-focused companies looking to shore up financials. Its parent Vedanta Resources saw a slate of rating downgrades triggered by worries over its $6.4 billion outstanding debt.
Agarwal on Tuesday told CNBC-TV18 that Vedanta has lined up finances of about $1 billion in January and $500-$600 million due in August and is also talking to bond holders.
(By Sethuraman NR; Editing by Nivedita Bhattacharjee)
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