Vedanta opens Indian high-yield bond market

Billionaire Anil Agarwal's London-listed mining group raises $1 billion in a five-and-a-half year deal to take out part of its outstanding bonds.

Vedanta Resources, the mining and energy group founded by billionaire Anil Agarwal, became the first Indian issuer to sell a high-yield dollar bond this year, raising $1 billion from a five-and-a-half year bond early on Wednesday morning.

London-listed Vedanta, rated B1B by Moody's and SP, operates mostly in India and has assets around the world, including Zambia, Namibia, South Africa, Ireland, Liberia and Australia. It is seeking to repay some outstanding debt and reduce interest costs at a time when it hopes to reduce expenses by merging two major Indian units.

Wednesday's 144AReg S sale represented its first foray into the international bond...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222