(Bloomberg) -- Hindustan Zinc Ltd., controlled by billionaire Anil Agarwal, is seeking to raise as much as 50 billion rupees ($665 million) through local currency bonds to help finance a plan to take its parent private, according to people familiar with the matter.
The proceeds are intended to repay part of the proposed $2.75 billion financing for the delisting of its parent, Mumbai-listed Vedanta Ltd., the people said, asking not to be identified as the information isn't public. Agarwal announced in May that he plans to take the Indian commodities giant private as he continues to simplify his investments.
Hindustan Zinc is looking to sell bonds maturing in three years, the people said, adding the issuer and bankers are negotiating on the pricing. The miner plans to price the local-currency notes at around 5%, while bankers are offering coupons of 5.25% to 5.75%, they said.
A spokesman for Hindustan Zinc declined to comment on the proposed bond sale.
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