Vedanta makes interest payment to bondholders, completes buyout of Meenakshi Energy
Vedanta Ltd has paid the interest due to its bondholders on Wednesday for non-convertible debentures worth ₹2,500 crore. Interest on these unlisted, redeemable debentures was due on December 27 itself, the company said in a notification to exchanges.
These debentures, with a face value of ₹100,000 each and a quarterly interest payout, were allotted earlier this year, and will mature in March 2025.
Earlier this month, the company’s board also approved raising ₹3,400 crore through non-convertible debentures on a private placement basis.
In a separate development, Meenakshi Energy has become a wholly-owned subsidiary of the company after it allotted 10,00,000 shares to the company, bearing a face value of ₹10 each.
Vedanta acquired the Andhra Pradesh-based power producer under the Corporate Insolvency Resolution Process earlier this year.
The mining conglomerate has acquired the 1000-MW power company for ₹1,440 crore.
Shares of Vedanta ended at 252.40 rupees on the National Stock Exchange, down 3.5% from the previous close as the shares turned ex-dividend.
Earlier this month, the company announced its second interim dividend of 11 rupees/share, entailing a payout of ₹4,089 crore.
Vedanta has been paying hefty dividends over the past few quarters as it looks to support parent UK-based Vedanta Resources, which is currently looking at debt obligations of around $4.5 billion between now to March 2025.
