Vedanta gets bondholders' consent for debt restructuring plan

  • IANS
  • Stock Market News
Vedanta gets bondholders' consent for debt restructuring plan
Credit: © Reuters.

Mumbai, Jan 3 (IANS) Anil Agarwal-led Vedanta (NS: VDAN ) Resources said on Wednesday that it has received the support of 97 per cent of its bondholders to restructure some of its near-term debt which will ease repayment pressure on the company.The company will now be able to able to extend repayment dates on $3.2 billion outstanding bonds which were maturing in the near-term.

The company had proposed restructuring four series of bonds, due for maturity in 2024, 2025 and 2026, in order to ease its crushing debt burden.

The company received consent from about 97 per cent bondholders which exceeds the required minimum of 66.67 per cent, it said in a regulatory filing.

S&P Global (NYSE: SPGI ) Ratings had downgraded Vedanta Resources in December over concerns about repayment of the high debt burden.

--IANS

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