Vedanta Approves Rupee Bond Sales in Test After Spinoff Plan
- Board approves raising 34 billion rupees via unrated notes
- Vedanta plans to separate business to improve group’s value
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Vedanta Ltd. approved raising as much as 34 billion rupees ($409 million) in the local bond market, in what would be its first major test of creditor sentiment after announcing plans in September to overhaul the sprawling conglomerate.
Funds can be raised in one or more tranches, Vedanta said in an exchange filing Tuesday, adding bonds won’t be rated or listed. The miner in September announced a reorganization plan to give investors direct exposure to a business of their choice and improve the value of the group’s component parts.