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इंडियन आवाज़     25 May 2024 03:26:54      انڈین آواز

Vedanta plans to meet investors as it faces $2 billion debt bill

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Vedanta Resources Ltd. is planning to meet bondholders in Singapore and Hong Kong, people familiar with the matter said, as the junk-rated Indian miner faces repayment of about $2 billion of notes next year, Reports Business Standard.

The non-deal roadshow would take place as soon as next week, said some of the people, who asked not to be named because the matter is private. JPMorgan Chase & Co. and Standard Chartered Plc are helping to organize the event, according to others. 

The global increase in borrowing costs has raised the stakes for billionaire Anil Agarwal’s firm, which must redeem a record amount of bonds next year. Several of the group’s bonds are trading below 75 cents on the dollar, at levels considered indicative of distress. S&P Global Ratings lowered its outlook on Vedanta’s B- rating to negative from stable, citing challenging financing conditions.

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