BENGALURU: Vedanta groupPromoter of metal-to-oil conglomerate Vedanta Ltd, is in talks with banks to raise at least $500 million, Bloomberg reported on Thursday.
The move by billionaire Anil Agarwal-led company Vedanta comes as its junk-rated $500 million bond matures later this month, Bloomberg reported, citing sources familiar with the matter.
“As part of our business, we regularly meet with investors, bankers and financiers,” said a spokesman for Vedanta Group Mukul Chhatwal said in an email reply to Reuters.
The company relied on cash from its units to manage its debt burden, particularly after failing to sell some zinc assets to Hindustan Zinc Ltd for $3 billion.
Proceeds from the loan, which has a term of up to five years, are to be used to repay the bond, sources told Bloomberg, adding that other lenders could take the deal to Rs 900 million.
The move by billionaire Anil Agarwal-led company Vedanta comes as its junk-rated $500 million bond matures later this month, Bloomberg reported, citing sources familiar with the matter.
“As part of our business, we regularly meet with investors, bankers and financiers,” said a spokesman for Vedanta Group Mukul Chhatwal said in an email reply to Reuters.
The company relied on cash from its units to manage its debt burden, particularly after failing to sell some zinc assets to Hindustan Zinc Ltd for $3 billion.
Proceeds from the loan, which has a term of up to five years, are to be used to repay the bond, sources told Bloomberg, adding that other lenders could take the deal to Rs 900 million.
