Billionaire Anil Agarwal's Vedanta Resources has paid all its maturing loans and bonds due in April 2023 and has reduced its gross debt by a further $1b to to $6.8b, it said in a SGX filing.
During the balance of FY24, believes that strong operational performance with robust commodity prices will lead to further de-leveraging.
Earlier PTI reported, CreditSights, a Fitch Group firm, had last week stated that it saw lower refinancing risk for Vedanta Resources Ltd.'s (VRL) near-term debt maturities on a new $850 million loan refinancing.
"Vedanta is targeting further debt reduction during the balance of FY24, and ultimately intends to lower gross debt towards zero," the company statement said on May 31, as per a report by PTI. "This will be aided by our expectations of robust demand, particularly in India, coupled with strong operational performance from our world-class asset base."
"At this point, we would still lean towards VRL being successful at tying up its $2.1 billion of fundraising, given VRL's track record of 'going to the brink and succeeding', recent debt reductions, recent fresh fundraising efforts and that we think various alternative funding channels remain open for VRL, despite the tighter bank funding conditions," CreditSight had said.
(With Inputs from Agency)
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