Story thread · 4 reports / 2 sources

Vedanta seeks $1.4 bn loan after biz split

economictimes.indiatimes.com · 5dShare

A unit of India’s Vedanta Group is raising about Rs 135 billion ($1.4 billion) from at least three banks, the first large local-currency loan since the conglomerate controlled by billionaire Anil Agarwal was split into separate firms, according to people familiar with the matter.Axis Bank Ltd. has signed a loan agreement for Rs 55 billion with Vedanta Aluminium Metal Ltd., said the people who asked not to be identified because the information is private. HDFC Bank Ltd. and ICICI Bank Ltd. will collectively lend about Rs 80 billion to the new independent entity, they said. The lenders will syndicate a portion of the loan with Axis Bank launching it, the people said.Read more: Each of Vedanta’s five demerged entities can become worth $100 bn: Anil AgarwalThe loan tenors range between 6-1/2 years to 7 years with the proceeds to be used to refinance an existing debt that Vedanta Aluminium inherited from the previously integrated company structure, the people said. The banks are offering in

First report: Vedanta and others offer a chance for sure profit — economictimes.indiatimes.com, 7d