Vedanta to split business into six listed companies.
The dollar bonds of Vedanta Resources slipped, with one dropping the most in more than three weeks, on news Indian billionaire Anil Agarwal is planning toAll four junk-rated notes were indicated lower on Monday, Bloomberg-compiled data showed. The August 2024 bond posted the biggest drop, down 0.6 cents on the dollar to 62.6 cents at 1:45 p.m. in Hong Kong, its biggest decline in more than three weeks.
The split-up is expected to be completed in the financial year ending March 2025. Parent Vedanta Resources has a $1 billion bond due in January 2024. in cash, with the remainder of the principal deferred for three years, Bloomberg reported last week, citing people familiar with the matter. The proposal is part of a debt-restructuring plan that also affects other dollar bonds due in the next two years.
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