Vedanta shares gain after bondholders clear $3.2-billion bonds recast

The meetings in respect of each of the four series of bonds will be held on January 4, following which the company will make an announcement about the passing of the extraordinary resolution in respect of each series of bonds.

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Shares of Vedanta Limited gained 1.2 percent at the open on January 4 after Vedanta Resources received the bondholders’ consent to restructure four series of bonds. At 9:20am, the stock was trading at Rs 266.85 on the NSE.

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In a statement on January 3, Vedanta Resources ( the holding company of Vedanta Limited) said that more than 97 percent of bondholders approved the restructuring of $3.2 billion worth of bonds due to mature in the next three years. According to the statement, the meetings over each of the four series of bonds will be held on January 4, following which the company will make an announcement about the passing of the extraordinary resolution in respect of each series.

Also read: Vedanta Q3 update: Mined metal output up 7% YoY, saleable silver up 22%

In a regulatory filing on the same day, Vedanta Limited reported that the alumina production at Lanjigarh (Odisha) refinery grew by 6 percent on-year and 1 percent on-quarter to 4,70,000 tonnes in Q3FY24. Saleable ore production from Karnataka increased 13 percent QoQ, driven by improved operational efficiency. Production declined 3 percent YoY. Pig iron production grew 1 percent YoY and declined 7 percent QoQ, on account of capital shutdown of one smaller furnace.

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