Vedanta Resources Subsidiaries Repay Debt, Release Pledge On Vedanta Shares
Vedanta Resources has informed the stock exchanges about the repayment of debt and subsequent release of Vedanta Ltd shares pledged by subsidiaries on debt facilities worth $800 mln.
Anil Agarwal's Vedanta Resources holds just over 68% stake in Vedanta Ltd through its subsidiaries.
The debt was raised in three facilities by Twin Star Holdings, Vedanta Netherlands Investments BV and Vedanta Resources respectively. The company and its subsidiaries had stood as guarantors for the loan facilities, it said in a notification on Saturday.
Shares had been pledged by Twin Star Holdings, Vedanta Holdings Mauritius II, Finsider International, Vedanta Holdings Mauritius, Vedanta Netherlands BV and Welter Trading.
A total of 253.2 crore equity shares amounting to 68.1% of the total share capital had been pledged. The company said all the debt facilities had been repaid and there was no outstanding amount. As a result, the encumbrance on all shares has been released on May 3.
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