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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Vedanta saves Rs 1,027 cr by retiring costly debt with cheaper loans
The resources conglomerate has also used funds it raised through a qualified institutional placement to repay loans, sources aware of the development said.
The promoter holding company, London-based Vedanta Resources, also managed to save $185 million in interest costs in the same time period.
Last week, Vedanta paid out the interest and redemption amount on non-convertible debentures of ₹2,500 crore. These NCDs had an interest rate of 19.2%, while the funds used to repay this loan were raised in February at 9.4 — 9.5%.
This difference of nearly 10 percentage points in the cost of funds has helped the company save close to $30 million (approximately ₹257 crore), the sources said.
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In July last year, the natural resources major had raised about $1 billion through a QIP, and it partly used funds from this, along with some refinancing to repay a high-interest loan taken in 2023, by its subsidiary THL Zinc Ventures.
Vedanta declined to comment on the query sent to the company.
The loan by THL Zinc was at an interest rate of 13.9%, and refinancing it with a loan bearing 9.6% interest rate has helped Vedanta save close to $90 million. «Going ahead, the company will continue to look for more opportunities to cut its cost of capital,» one of the people said.
Vedanta's consolidated net debt at the end of December 2024 stood at ₹57,358 crore ($6.70 billion), down from ₹62,493 crore at the end of December 2023. The company's net debt-to-Ebitda ratio also improved to 1.40 times from 1.70 times during the
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