Vedanta Considers Bond Sale Ahead of Open Offer for India Unit
(Bloomberg) -- Vedanta Resources Ltd. has mandated banks to arrange investor meetings ahead of a potential bond sale, as the firm conducts an open offer for its main listed unit.
Vedanta Resources Finance II Plc, a subsidiary of London-based Vedanta Resources, has hired the five banks to arrange credit investor calls from Feb. 23, and a possible dual-tranche dollar note issue may follow, according to a person familiar with the matter who asked not to be identified.
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The potential deal comes after the firm annnounced in January that it planned to buy as many as 371.75 million shares, comprising 10% of the outstanding equity of its India unit Vedanta Ltd. at 160 rupees per share. At that price, the consideration for the deal would be about 59.5 billion rupees ($822 million).
Vedanta has jumped in the equity market this month, helped by rising global commodity prices. Its shares were at about 206.3 rupees per share at 9:45 a.m. in Mumbai.
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